Old is no longer gold, at least in the Apple camp.

With the entry of the stunning new iphone 5 into the market, apple has decided to shell down few grand from the older models. Now the 8 GB version of the iPhone 4S is priced at Rs 41,500 against its earlier price of Rs 44,500. Similarly, the older iPhone 4 has also got a price cut; now the price of the 8 GB version of the iPhone 4 has been slashed to Rs 28,500 from 37,900.

The iPhone 3GS already saw a major price cut and with offerings from Aircel surely saw lot of phones leave the stores. No wonder the new price reduction definitely comes as a surprise deal for a lot of smart phone lovers.

Apple is expected to launch its iconic new iPhone 5 in India around Diwali, which is next month. Currently, the international models of the iPhone 5 are being sold in India for a premium price.

The new Apple iPhone 5 is lighter, thinner and faster compared to its predecessor, the iPhone 4S. Flaunting a 4-inch Retina display, the iPhone 5 features a new design and packs a faster Apple A6 mobile processor inside. The iOS 6 update on the iPhone 5 also brings a new maps application with Apple-designed cartography. Supporting the new LTE networks, the iPhone 5 also debuts new smaller connector, called Lightning.

Eagerly awaited by many the iphone 5 keeps the crowd fingers crossed for a while. But the latest price reduction may encourage many to rope in the older models for sure.