Apple has a few tricks planned for 2013 to keep smartphone rival Samsung and its increasingly popular Galaxy series from stealing all of the spotlight this year. Along with updates to its popular tablet and mini tablet series [iPad 5 and iPad Mini 2], Apple is expected to release a brand new installment to its flagship smartphone family, the iPhone 5S. Rumor has it, Apple is also planning to release a low cost alternative to the current iPhone to edge out Android developers, like Samsung, in low-end markets.

However, Pegatron CEO TH Tung confirmed to investors releasing a less expensive than full-strength iPhone will not come "cheap." Not much has been confirmed in terms of specs for the iPhone Mini, or iPhone Nano, but here's what we believe:

- the low cost iPhone Mini/Nano will have a plastic case, available in several colors.
- have a design reminiscent of the current iPhone.
- come with a 4.8-inch screen

Without contract the iPhone Mini is expected to cost around $350-400, while the current iPhone 5 cost around $600.

"We think Apple will have to launch an 'iPhone Mini' at some point over the next three years to address the hundreds of millions of prepaid users worldwide that cannot afford the current iPhone," according to Neil Mawston of Strategy Analytics.

The low cost iPhone Mini is expected to released along with the new iPhone 5S sometime this year, either in Q3 or Q4. Most rumors point to a September launch for all new Apple devices. Though a 2013 release is most likely, Apple could easily push back to 2014 to make sure the updates are worthwhile.