We’ve heard that Apple was making a cheaper iPhone, we’ve heard about the iWatch and about their television set, but a cheaper iPad Mini? Well, that’s new… An upgraded iPad Mini with Retina Display is something we’d expect, but what about an affordable iPad with a 7.9 inch diagonal?

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Just think about it… the past year big iPads used up all the novelty they could and simply putting out an iPad 5 with a thinner case would disgrace Apple. However, two new iPad Minis would kind of make sense, one of them with a low price to counter the cheap Android slates and the other a high end model that will sell well, since it would destroy all the other 7 inch slates.

Citi Research is the one with the scoop on the cheap iPad Mini. The original Mini was already reasonably cheap at $329, but now they could go even lower, says a new report. The supply chain checks have created this theory, that talks about an iPad Mini with a sub $250 price tag. Since the iPhone budget version is expected to adopt a plasticky colourful case, should we expect the same for the budget iPad Mini?