Various rumors about a budget-friendly iPhone have been surfacing for awhile now. Even though Apple has not confirmed if and when the company will launch the affordable iPhone, a few designers have created some interesting and colorful renderings of the cheaper iPhone.

Apple launched the first-generation of iPhone in 2007 and the smartphone has been a major success for the company. Since then, Apple has released five more variants of the smartphone, the last being iPhone 5 (sixth-gen). Until now, all the iPhones have been able to attract millions of smartphone buyers, but the handsets carried a premium price.

However, with changing times many smartphone buyers are now looking out for a cheaper smartphone. Rivals Samsung, LG, Nokia and more launch a number of smartphones every year to cater to all market segments. To keep pace in the ever-growing smartphone industry Apple may have to launch a cheaper iPhone in the near future.

"Apple's rumored entry-level iPhone reportedly may adopt plastic for its chassis instead of reinforced glass or unibody metal as in the company's standard iPhone models, to save cost, according to sources from the upstream supply chain," said a previous DigiTimes report.

The designers have imaged an array of bright colors for the affordable iPhone, including red, blue, green, black, yellow and more. Visit Business Insider to check out all the renderings.

"We've gotten so used to our smartphones that we aren't the least bit impressed with the technology that makes them work. The translucent material can do the same thing for the budget iPhone what it did for the iMac G3: open up our eyes as to the incredible advances in computing that have been made and make people excited about buying a phone again," says the designer duo of the renderings, Nickolay Lamm and Matteo Gianni.

Apple has not let on if it is planning for a cheaper iPhone. However, if Apple intends to reveal an iPhone in various color options, which color do you want to see?