If you’re waiting to purchase an older iPhone at a heavily discounted price, now might be the ideal time to buy one.

iPhone 5
iPhone 5 Mockup

Although Apple Inc. (NASDAQ:AAPL) has yet to confirm it, it’s rumored that they will officially unveil the iPhone 5 on September 12 and subsequently release the sixth generation smartphone on September 21.

Just last week, Sprint cut $50 off each iPhone 4s model and started waiving the $36.00 activation fee. This week, Best Buy Co., Inc. (NYSE:BBY) and Target Corporation (NYSE:TGT) are cutting back some of the prices on select iPhone models. It sounds like everyone is gearing up for the arrival of the iPhone 5.

Best Buy Co., Inc. (NYSE:BBY) recently cut the price of the iPhone 4 down from $100 to $50, price cut only valid with contract. Target Corporation (NYSE:TGT) reportedly cut down the price of the iPhone 4s to $149.99, although their weekly advertisements still state the price as $179.99. CNET contacted Target to find out the actual price. It’s important to point out that these price changes might not be permanent.

The iPhone is one of Apple Inc. (NASDAQ:AAPL)’s best selling products, and it’s a little interesting to see how some stores and carriers are drastically cutting down the price. We do know that the iPhone has been lagging in sales, but that is expected as many people already have the iPhone 4s, and many others are patiently waiting for the arrival of iPhone 5. I think these price cuts are pretty good indicators that we can expect the next generation iPhone to make it’s debut in stores in the near future.

Given the rumored specs of the iPhone 5, the next Apple smartphone may not be worth buying at first. Perhaps purchasing an older iPhone model like the iPhone 4, would be a wise move to make right now.  If you already have the iPhone 4s, it might not be in your best interest to jump ship and get the new iPhone 5 as soon as it arrives(unless you really want it).