Rumour repeat: Apple to launch less expensive iPhone

According to The Wall Street Journal, sources with knowledge of the matter have revealed that Apple is working on a lower-end and low-cost iPhone that could launch later this year.
The report comes after Taiwanese site, Digitimes, published the information on its site in the last 48 hours. According to CNET, This is not the first time this information has surfaced –  the news of an upcoming cheaper iPhone was published by the Wall Street Journal back in February 2011 with no such device having ever emerged.

While the device is likely to resemble that of the standard iPhone, the type of material used in the body, such as polycarbonate plastic, will lend itself to a cheaper device. Other phone parts could either remain the same or even be recycled from older iPhone models.
While reports of this development for Apple have been making their rounds online, nothing has yet been confirmed with a possibility of the project being scrapped altogether.
Would you be interested in a low-cost iPhone?