Bernstein Research analyst Toni Sacconaghi, according to Eric Savitz at Forbes:
The analyst says Cook â€œappeared to reaffirm the notion that Apple is likely to develop lower priced offeringsâ€ to expand the market for the iPhone. Cook said the company is planning â€œclever thingsâ€ to address the prepaid market, and that Apple did not want its products to be â€œjust for the rich,â€ and that the company is â€œnot ceding any market.â€
The older-generation iPhone 3GS can be had for US$49. But that requires you to be chained to an expensive carrier subscription for two years. A LTE-only data iPhone could do the trick since the voice portion of the cost of owning an iPhone is the largest. Theoretically, a data-only iPhone would not require a separate voice plan. But a quick and simple solution would be to sell the previous-generation iPhone unlocked, for not too much, right now.