Color me shocked: Best Buy halves iPhone 5c contract price after just two weeks

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Good news if you didn’t buy that iPhone 5c just yet: Best Buy is selling Apple’s colorful smartphone for $50 with contract from October 3 through October 7 reports ABC News. That’s a sizable discount from the $99 with contract price tag directly from Apple. And unlike prior iPhones, it’s the fastest discount yet: The handset debuted just two weeks ago. So why the price cut from a large reseller?

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The 9 million first weekend sales for the new iPhone 5c and 5s were a record for Apple, but the company didn’t break that figure down between the two models. Data from web traffic and other online analytics suggest however that the new iPhone 5s accounted for 3.4 more times the sales of the iPhone 5c. That works out to around 6.95 million units of the iPhone 5s compared to 2.05 million iPhone 5c handsets.

If the sales trend is correct, it could explain the quick discount: A lower price can obviously move more iPhone 5c handsets.

What’s interesting about this situation is that this is the first time Apple re-purposed a prior year’s iPhone model and placed such a focus on the device. The new iPhone 5c is essentially last year’s iPhone 5 on the inside, along with a color choice in plastic on the outside. The old iPhone 5 is discontinued; another first for Apple.

It seems that the “old is new” strategy isn’t working quite yet based on the anecdotal data and quick discounts. Best Buy isn’t the only retailer selling the iPhone 5c for less than what it costs at the Apple Store. Both Walmart and Target sell the handset at a $79.99 starting price; $20 less than what you’ll find in Apple’s retail locations or online.

Meanwhile, demand is still very high for Apple’s truly new phone, the iPhone 5s. The devices are hard to find in any color or capacity, leading some developers to create online tools to check retail inventory. It looks like a dash of color on last year’s model isn’t enough to boost demand; more people want the latest and greatest from Apple.

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