Starting today, Walmart is aggressively slashing the price of the iPhone 5 to $129 and the iPhone 4S to just $39, reports Mashable.
The retail price of the iPhone 5 is $199 and the retail price of the iPhone 4S is $99. To get the new pricing, customers will be required to sign a new two year contract with Verizon, AT&T, or Sprint.
Notably, Walmart is saying that this is not a limited time promotion.
We asked Walmart if the new pricing is temporary and were told that no, this is in fact the permanent price of the items. The new price is only available in Walmart stores and is not available online.
Historically Apple has limited the degree to which retailers can drop prices on their products, says the report. Although small price drops around $10 have been common, cutting the price by 30% for the iPhone 5 and nearly 70% for the iPhone 4S is unprecedented.
It’s thought that Apple may be allowing the lower pricing to better compete with the fresh new devices that its competitors will be selling this summer; or perhaps it’s looking to clear out some iPhone 5 inventory before the iPhone 5S arrives.