Apple announced two phones to replace the iPhone 5, starting at a subsidized price of $99.
The tech giant rolled out the iPhone 5C and the iPhone 5S. The iPhone 5S features a fingerprint sensor that allows users to store information securely.
(Read more: Apple goes plastic and colorful with new iPhone line )
Apple's new smartphones will also come in new colors. The iPhone 5C, which has a plastic casing, will be available in bright colors including green, blue, pink and yellow. The iPhone 5S, which has an aluminum casing, will come in silver, gold and gray.
Subsidized pricing for the iPhone 5S will start at $199 for a 16GB, $299 for a 32GB and $399 for a 64GB. The iPhone 5C will cost $99 for a 16GB and $199 for a 32GB, with a two year contract. Both phones are available at Apple's retail store starting on September 20, which is also when the iPhone 5S becomes available for pre-order. However, pre-order for the iPhone 5C starts on Friday.
(Read more: Why 'device exhaustion' spells trouble for Apple )