A Walmart spokesperson told CNET that starting Thursday morning, the retailer is dropping the price of the iPhone 5S to $79 (from $99) and the iPhone 5C to a mere 97 cents (from $29). The new, lower prices apply only with a two-year contract.
The price cut follows a pattern set in previous years, as retailers discounted older models to to make room for the latest new Apple device.
Apple has reportedly scheduled a press event on Sept. 9 at which it is widely expected to announce the next-generation iPhone, unofficially dubbed the iPhone 6. Tech industry rumors suggest the new phone will be available in a choice of two sizes, 4.7 and 5.5 inches. It is unclear whether Apple will unveil a wearable device -- popularly called the iWatch -- at the same time.