At a major press event held at its Cupertino Calif. headquarters Apple Inc. surprised many in the tech industry when it unveiled two new installments in its popular flagship smartphone family, the iPhone 5S and iPhone 5C. While the 5S was expected, the 5C coming to replace the iPhone 5 came as a shock to many who are now left wondering which iPhone model will be right for them.

The iPhone 5 will be discontinued in order to make room on the market for the iPhone 5C, which comes with many of the same specifications. In the past the company has simply reduced the price on its old phones, now the iPhone 5C has come out giving people a low-cost option for an Apple smartphone that's also new.

The 5C will be priced at $99 for the 16GB version and $199 for the 32GB version with contract (without contract the devices are $549 and $649 respectively). Not only is the price of the iPhone 5C less than its predecessor it's specs have been improved as well.

According to a comparison chart from IGN, the iPhone 5 has a 9.2 hour battery life, which has been upgraded to a full 10 hour battery life with the iPhone C. The C also wins on standby battery life by 25 hours. The front facing camera has gone from 1.2MP to the FaceTime HD camera, a significant improvement on the iPhone 5's camera. The camera also offers image stabilization.

The iPhone 5C will be available for pre-order on Sept. 13. Users can have it in their hands as early as Sept. 20 when both the C and the iPhone 5S are officially released.

Tell us what you think. Are you excited for the iPhone 5C to replace the iPhone 5? Do you think it's a significant enough improvement on the iPhone 5 to make it seem appealing to both you and your wallet?