Moto 360 receives a significant price cut less than a week after the Apple Watch went up for pre-order

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Moto 360 — one of the most beautiful Android Wear smartwatches out there — has received a major price cut less than a week after the Apple Watch went up for pre-order.

The leather version of the watch used to cost $249, but Motorola and Google have reduced its price to $165 on the Google Play Store. It is also available for around $170 through retailers like Best Buy, Walmart and Amazon. Once you factor in other promotions that Best Buy is giving to its customers, the watch can be had for as low as $55.99, though your actual bill is going to be much higher since you will need to team up your purchase with a new Android phone.

It is likely that Motorola has reduced the price of the Moto 360 to entice customers who were interested in buying the Apple Watch, but decided against it because of the long shipping times.

Despite not looking as good as the Moto 360 and sporting a significantly higher price tag, the Apple Watch offers many advanced features that make it a better buy than the former.