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Wal-Mart cuts prices on iPhone 5 models

Various smartphone devices are displayed for sale at a Wal-Mart Stores Inc. location in American Canyon, California.
David Paul Morris | Bloomberg | Getty Images
Various smartphone devices are displayed for sale at a Wal-Mart Stores Inc. location in American Canyon, California.

Consumers await the Apple iPhone 6's rumored fall release, but until then, Wal-Mart has made grabbing existing Apple smartphones more affordable.

The retailer was scheduled to slash prices on Apple iPhone 5 models on Friday, Engadget reported. The 16GB 5c was priced at $29 with a two-year contract in stores, down from $49, while the 16 GB 5s was $99 from $149.

Wal-Mart noted Friday afternoon that the 32GB 5c price fell to $129, while the 5s moved to $199.

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The price cuts were scheduled to start at 9 a.m. local time, according to Engadget.

Wal-Mart rolled out a similar promotion earlier this year, but Friday's cut is expected to be permanent, Engadget said.

—By CNBC staff