Why now is the best time for Apple to release a new iPhone SE

Apple hasn't released a new budget smartphone since the iPhone SE debuted in 2016.Now that smartphone prices are higher than ever before, making it more difficult to convince consumers to upgrade, it's the perfect time for Apple to release a low-cost iPhone.The competition could heat up quickly, as Google is rumored to be releasing a new cheaper Pixel phone shortly.Visit Business Insider's homepage for more stories. Apple is likely to announce three new iPhones this fall that will succeed its current lineup. What we likely won't see, however, is an update to the iPhone SE, the budget iPhone model Apple launched in 2016.The iPhone SE was priced at $399, or $17 per month, when it launched, making it significantly cheaper than the iPhone 6S, which was priced at $27 per month when it was released.Despite this lower price, the iPhone SE retained several of the key features of its pricier siblings. It had the same processor as the iPhone 6S and 6S Plus, it came with Apple's Touch ID fingerprint sensor, and it had a 12-megapixel camera that could shoot 4K video. All of this was packaged in a portable design with a 4-inch screen that looked similar to the iPhone 5S.But Apple no longer sells that iPhone, and it hasn't released a new model since it launched the SE more than three years ago. With smartphone prices reaching all-time highs as consumers hold onto their devices for longer periods of time, a new low-cost iPhone SE could fill a critical gap in Apple's current lineup. Here's a look at why now is the right time for Apple to release a new iPhone SE.