If rumors are to be believed, looks like Apple’s finally descended from its high horse and realized the much-talked about truth – it really is time to shed the snootiness. Since the iPhone 5 didn’t do as well in the market as Apple and analysts had hoped, the company is finally tweaking its strategy and bringing out another low-cost version of its smartphone. Supposedly featuring a design inspired by the iPod Classic iPod Touch and of course the iPhone 5, it will have a plastic body to maintain affordability. This cheaper version will also have a similar 4.1-inch Retina Display Gorilla Glass screen with a resolution of 1136X640 pixels. Its overall body would also look quite like the iPhone 5 in terms of the position of the cameras, sensor and button. Its volume buttons would be designed similar to that of the iPod Touch – expect a long pill shaped button instead of the circular one from the iPhone. The back body of the phone would resemble the iPod Touch too, while the overall body is expected to resemble the iPod Classic. Now, like we said at the start, these are all of course rumors, so we’re not quite sure of what to expect from Apple. However, many analysts and reliable sources have long been talking about a low-cost Apple smartphone, so it just might be in the works. If it does happen, we’re hoping for it to be priced between $99 and $250. Apple itself had previously refuted these claims, but later chose to retract the denial – leaving this issue further shrouded in mystery. But will the affordable version of the iPhone 5 encourage users to make the switch to iOS? And if so, we wonder if it would cause a dip in the sales of the current favorite smartphone – the Samsung Galaxy S3. Well, it’s not yet cause for concern for folks at Samsung – but if it does happen, the Galaxy S3 might also have to devise a clever strategy to retain its fan following.