If you’re in the market for an iPhone you could end up getting a deal on your purchase! What’s the story behind the new lower priced iPhone?

When Apple introduces it’s new 3G iPhone toward the end of June it could be a lot less expensive than you think, says Fortune magazine. According to the report AT&T plans to subsidize $200 of the cost for consumers who sign up for a two-year service contract. That would lower the price to $199.

The magazine also learned that the iPhone will be thinner than the original and provide GPS navigation. Neither Apple nor AT&T have commented officially.

I’m bullish Apple on this news, says Jeff Macke. AT&T is upgrading this entire thing on their dime. In other words, they’re subsidizing the phone, not Apple.

I’m also very excited about the new iPhone, Pete Najarian adds. Competitor Research In Motion encountered some delays with their 3G phone (which probably won’t come out until August) so the iPhone should be in the right place at the right time.

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Trader disclosure: On Apr. 30, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (MSFT), (INTC); Pete Najarian Owns (AAPL), (NOK), (TSO), (XLF), (YHOO); Pete Najarian Owns (C) Calls, (CHK) Calls, (MSFT) Calls, (POT) Calls, (SBUX) Calls, (GA) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (HD), (KALU); Finerman's Firm Owns (MSFT), (SBUX), (TSO), (VLO), (DVA), (SUN); Finerman's Firm Owns (YHOO) And (YHOO) Call Spreads; Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns (C) Leaps, Finerman Owns (C); Finerman's Firm Is Short (IYR), (MDY), (SPY), (IJR), (IWM); Seygem Asset Management Owns (ITU), (NIHD)