If you're sick of iPhones costing $1,000 or more, then you'll be glad to know Apple might launch a low-cost iPhone for potential buyers like yourself.

Apple is reportedly planning to launch an affordable iPhone in 2020, with the goal of stemming the decline in iPhone sales, according to Nikkei. Apple will continue selling high-end iPhone models, of course, including its latest set expected to arrive on 10 September. But, looking ahead, the company seems willing to consider a lower-cost device, as it would be appealing to most buyers, especially those in emerging markets.

Apple has entertained this option before, with the iPhone SE in 2016. It had a price tag of $399 in the US, hundreds less than other iPhones. It looked just like the iPhone 4s, too, which launched a couple of years earlier. Apple no longer sells the iPhone SE. However, more recently, it did offer the iPhone XR for $749, while the flagship model from that range, the iPhone XS, had a starting price of $999.

Keep in mind Apple also still sells the iPhone 7 for $449. Nikkei didn't say what the new low-cost iPhone would be called or how much exactly it would cost, but Apple will apparently use the same 4.7-inch screen size as the iPhone 8.

Apple was not immediately available to comment on this rumour. It has an event set for next week, though, so we should learn more soon.