Many iFans are eagerly waiting for the rumored budget iPhone and recently leaked pictures suggest that the upcoming handset will arrive in an array of vibrant colors such as yellow, red and green.

The first half of 2013 was dominated with the launch of various Android-powered devices. However, various rumors of the next-generation iPhones and iPads still kept on emerging constantly throughout the year.

Apple launched the iPad 4 in Oct. 2012, which was just over six months after the release of the iPad 3. As such, many iFans would have hoped for Apple to launch either an iPhone or iPad in March or April this year.

Rumors suggest that Apple may launch a cheaper version of the iPhone but the company has not revealed any information on the upcoming handset. Till now, all the iPhones were available only in two hues: black or white. But now it seems that the company wants to attract more customers with the use of vibrant colors.

A Chinese website WeiPhone has leaked some images of what could be the budget iPhone. Currently, iPhone 5's arch rival is the Samsung Galaxy S4. The company initially revealed the Galaxy S4 in just a couple of colors but recently, Samsung has added many color options for the handset. Similarly, the Lumia 920 and the Lumia 928 are available in a variety of hues to suit individual customer taste and preferences. As such, Apple may also want to compete with rivals by launching a cheaper handset available in colors like red, yellow and green.

Apple is known for using high-quality materials in the productions of its iDevices such as iPhones and iPads. However, in case of a cheaper iPhone, the company is expected to use a plastic chassis and not a metal one as used in previous iterations of the iPhone. Similarly, the company may also compromise on other hardware specifications while producing a cheaper iPhone.