Apple's new iPhone SE is nearly $250 cheaper than the original iPhone when adjusted for inflation

Apple unveiled a slew of new products on Tuesday, including a new iPad Air, the high-powered Mac Studio computer and the successor to one of its best-value phones, the iPhone SE.

The iPhone SE's $429 price tag is slightly higher than the 2020 model's $399 MSRP, but it's still one of the cheapest iPhones ever released. Indeed, when adjusted for inflation, the 2022 iPhone SE is actually cheaper than the very first iPhone.

The $499 that Apple charged for the base model original iPhone back in the fall of 2007 would be worth around $673 in 2022, according to the U.S. Bureau of Labor Statistics' inflation calculator. The $599 model with 8 GB of storage would cost $807 today.

The new iPhone SE replaces the version released in 2020, and features 5G technology as well as Apple's latest iPhone processor, the A15. Apple CEO Tim Cook also said that the device features "the best single-camera system ever in an iPhone."

The new iPhone will be available in black, white and red color options. The model with 64 GB of storage will cost $429, but there will also be 128 GB and 256 GB models priced at $479 and $579, respectively.

The $429 SE is now the cheapest new iPhone available for purchase from Apple. The most expensive phone — the iPhone 13 Pro Max with 1 TB of storage — cost nearly $1,200 more at $1,599.

Sign up now: Get smarter about your money and career with our weekly newsletter

Don't miss: Nearly 40% of women over 35 regret not investing for retirement sooner