With Apple, electronics retailers, and network operators all offering discounts on the iPhone 4 and iPhone 4S, ahead of the purported iPhone 5 launch, many consumers are debating whether to grab the deal at hand or play the waiting game.

As reported earlier, Sprint began offering a $50 discount on Aug. 7. The carrier had dropped the iPhone 4S prices to $149.99, $249.99, and $ 349.99 for the 16GB, 32GB, and 64GB versions, respectively. The move fueled speculations that the impending iPhone 5 launch was behind the price drop.

Electronic retailers like RadioShack and Best Buy also jumped onto the discount bandwagon. Best Buy offer the iPhone 4 (8GB version) for only $49.99, whereas RadioShack shaved off $50 of its purchase price. Target also dropped the iPhone 4S price to $179.

Recent reports revealed that Apple had also slashed its iPhone 4 and iPhone 4S prices by offering a $49 price-matching discount. The move marked a departure from Apple's policies, as the company usually does not offer price matching on its devices. The price-matching offer is only valid in stores and does not apply to online purchases.

With several retailers and network operators offering discounts, consumers are likely to be tempted. However, since pre-launch inventory clearing has led to the reduction, it is likely that prices will go down even further after the iPhone 5 launch.

The iPhone 4 and iPhone 4S are 14 months and 10 months old, respectively. By the standards of the smartphone industry, the devices are nearly prehistoric. Tech pundits say that rather than saving $50 on older devices, consumers may benefit from holding out for the upgraded iPhone 5.

By contrast, the iPhone 5 is brand new, and judging by the circulating rumors, the device has embraced many firsts, such as a 3D camera and AirShare. The iPhone 5 is expected to pack a bevy of new features and several improvements over the existing models, including a better battery. The next-gen smartphone's defining feature will be its larger 4-inch display, compared to iPhone 4 and iPhone 4S' 3.5-inch one. Moreover, the new iPhone is also expected to include NFC and 4G LTE. The LTE technology offers impressive speed and makes the upgrade to the newer version worthwhile. With its faster processor and slimmer unibody design, the iPhone 5 edge out the existing iPhone models with ease.

Even though no information on the new iPhone's price is available, Apple has been consistent in pricing its iPhone models, so it is unlikely that the iPhone 5 will see a price hike from current standards.