iPhone 5C Release Date, Features, and Specs: PRICE DROP at Walmart and Best Buy to Less Than $50 with Contract / October 7, 2013 [VIDEO] [PROMO]

Several stores in the US have already started competing on price points for the new iPhone 5C that was recently released by Apple. Apple's original price for the phone was $99, but Walmart and Best Buy are selling them for $45 and $50 respectively. The iPhone 5C's specs, features, and camera are all of lower quality than the iPhone 5S, but it wins on price. Maintaining a lower price for the iPhone 5C will help Apple reach different demographics than they have been able to before with their iPhone products.

Sarah Spencer McKinney, director of corporate communications for Walmart, told ABC News, "This is what we do - low prices is what we do. As a price leader, we are always looking for ways to surprise our customers with low prices and disrupt the competition." Walmart  claims that the deal will be offered all the way through the holiday season. Right now, the customer must sign a two-year contract in order to receive the discounted phone.

The big debate among consumers is whether to buy the iPhone 5C or the iPhone 5S. Stephan Baker, vice president of industry analysis at NPD, told ABC News, "I think the 5C has gotten overshadowed and, given that the 5S isn't available everywhere, this is a way to get people excited about the latest and greatest Apple product."

The 5S is an all around better phone, but its price remains significantly higher than the iPhone 5C. Take a look at this promo video for the iPhone 5C and decide if it is right for you.