The iPhone 16e starts at $599 for 128GB and will be available for preorder on February 21. The phone will be available on February 28. A 256GB version and a 512GB version will run you $699 and $899, respectively.

Three years have passed between the release of the third-generation iPhone SE and the iPhone 16E, Apple's latest budget phone. That's a relatively long time for mobile developments to evolve -- and for the sticker price to rise alongside those improvements.

A rumor from some weeks back is suddenly gathering steam, suggesting a different iPhone is on the brink of release.