Back in 2016, Apple shocked everyone with the $399 iPhone SE. Suddenly, we had an iPhone more people could bear to afford and was still worthy of the Apple logo. At that point, phones were getting even bigger, with the iPhone 6 Plus pushing the boundaries back then. It was also pushing the boundaries of how much people were willing to fork out for a phone.
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https://www.slashgear.com/why-its-time-for-an-iphone-se2-01608169/