Is This the Rumored $350 Budget iPhone?

Here are the alleged photos of the upcoming budget iPhone that have made the rounds on the web. The images show that the new budget iPhone will be made of plastic and will be offered in multiple colors, similar to the iPod range.

Image by Cult of Mac

Based on the photos, the budget iPhone will have a single LED flash to accompany the main camera. A dedicated microphone also appears to be tucked in between them. Naturally, an Apple logo and an iPhone sign complete the picture. With regard to its other specs, nothing is confirmed yet.

Image by Cult of Mac

It will be said to cost about $350 before contract subsidies and will sell for $0 with a two-year contract, which should strengthen Apple’s presence in the market. Will you be buying the new budget iPhone in case it becomes a reality? Do you think that this is a right move for Apple?

Image by Cult of Mac

UPDATE: Below are some 3D renderings of the budget iPhone. What do you think? Do you guys like the color? It sure matches the new iOS 7 color scheme, right?