Apple slashes original iPad mini price to $299, iPad 2 stays at same price of $399

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At a media event today, Apple updated its iPad product lineup with the new fifth-generation iPad, called the iPad Air, and the second-generation iPad mini with Retina display. It also announced a price cut to the original iPad mini, with the device now starting at $299.

The original iPad mini’s price has been slashed to $299 for the Wi-Fi model and $429 for the Wi-Fi + Cellular model. This is great for customers as well as Apple, since it lowers the entry point to the iPad, and hence widens the addressable market.

Strangely, instead of dropping the price of the iPad 4, Apple has discontinued the model, and has chosen to keep the iPad 2 alive at the same $399 price for the Wi-Fi version, and $529 for Wi-Fi+Cellular. This is really disappointing, since the iPad 4, with its Retina display, would have been killer at its lower-price point.

Tell us what you think about Apple’s pricing strategy in the comments below. (Keep in mind that the company has increased the price of the next-generation iPad mini to $399.)