Wal-Mart cuts prices in budding iPhone 5 price war

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The newest iPhone offerings from Apple, Inc. are pictured following the tech giant's event in Cupertino, Tuesday, September 10th, 2013. Apple unveiled the iPhone 5S and iPhone 5C.

Apple unveiled the iPhone 5s and iPhone 5c in 2013. (Credit: CNN)

DENVER — If you want to upgrade your old iPhone to the newer iPhone 5, now may be the time to do it.

On Friday, Wal-Mart became the latest major retailer to slash prices on the device, dropping the price on the 16 GB iPhone 5s and iPhone 5c models to $99 and $29 respectively. For Wal-Mart, that’s a drop of $50 for the 5s and $20 for the 5c. Those prices require a two-year activation plan with AT&T, Sprint or Verizon.

Earlier in the week, Costco also dropped its iPhone prices on the 5s model, when the wholesale retailer began selling the devices online starting at $77.99

Both stores are offering substantial discounts when compared to the $199 price that mobile provides were charging for the 5s during the same week.

However, if you’re looking for the latest and greatest phone, you might consider the iPhone 5 outdated come this fall. That’s when most suspect the new iPhone 6 will be released.