Apple has come prepared to shake up the mobile market with a new iPhone SE model, which will sell for just $399 for its base model. The manufacturer announced the 2020 model Wednesday with plans to open preorders for the smartphone on April 17 and to release the device to market April 24.

Despite its extreme similarity to the iPhone 8, the iPhone SE 2020 has already grasped the attention of many enthusiasts, who note the value proposition in the device due to featuring Apple’s latest A13 Bionic chip as well as a 12-megapixel wide-angle camera with OIS and 4K 60FPS support. The brand calls the camera its best single-lens setup and based on the accompanying test shots, many agree. Its front camera is a 7-megapixel lens. The iPhone SE 2020 also features a 4.7-inch IPS LCD Display with Touch ID. Its internal storage options include 64GB, 128GB, and 256GB. Color options include Black, White, Product RED. The device also supports a standard SIM and an eSIM.

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Apple has effectively taken some of its best premium features and packed them into a budget frame. In addition to an IP67 water and dust resistance rating, the iPhone SE 2020 also supports Qi wireless charging. While it’s standard charging is just 5W, the smartphone can support fast charging up to 18W with the proper adapter, which charges up to 50 percent in 30 minutes.

The device also supports Wi-Fi 6 and Gigabit LTE connectivity, making one of the only major differences between it and the flagship iPhones 11 series the U1 chip on the latter that provides Ultra-Wideband connectivity.

Software-wise, the iPhone SE 2020 runs the latest iOS 13. Thanks to the A13 Bionic chip, the device will be slated for the same four years of software updates as the current flagships. Seeing as the original iPhone SE released in 2016, it could be an indication that this particular model could have a four-year life cycle that coincides with its software support. Some also noted that Apple made storage upgrades to the original iPhone SE after its initial release, which could suggest the same for this new smartphone. Perhaps a 512GB could release in 2021, while still differentiating from the top tier iPhone models. Storage options as high as 1TB are still typically reserved for flagships.

The 128GB iPhone SE 2020 model will sell for $449, while its 256GB model will sell for $549. Apple is also offering trade-in deals with the best offer being free when surrendering a base model iPhone XS or XS Max. Apple expects most customers would likely be trading in a base model iPhone 8, which could then price the iPhone SE 2020 at $229.

With the announcement of the iPhone SE 2020, Apple has also now discontinued the iPhone 8 and iPhone 8 Plus.