Apple’s iPhone X is the company’s most expensive base iPhone model to date. Starting at $999 for the 64GB model, the iPhone X’s price tag also easily makes it one of the most expensive smartphones in the market today (not including those diamond-crusted, leather-clad smartphones).

However in a recent interview with Good Morning America, Apple’s CEO Tim Cook expressed his opinion that the $999 iPhone X actually has a “value price”. When asked by host Robin Roberts if the price of the iPhone X was too high for most people, Cook responded by saying, “Well, it’s a value price actually for the technology that you’re getting.”

He also suggests that with most customers purchasing the phone via plans and monthly installments, the impact isn’t felt quite as much. “As it turns out, most people are paying for phones over long periods of time. And so, very few people will pay the full price of the phone initially. Also, most people actually trade in their current phone, and some carriers throw in subsidies and discounts.”

Recently Cook was quoted as saying in another interview that Apple does not make products for the rich, but it’s hard to ignore that $999 is indeed a price that is very dear to many, even when repaid over the course of 12 or 24 months. In the meantime a report from The Wall Street Journal has indicated that the iPhone X appears to cost more than double in terms of components compared to the iPhone 7, which could also justify the increase in price.

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