Apple has officially introduced a smaller-capacity, cheaper 8GB iPhone 5C to help boost lackluster sales of the plastic smartphone.

When rumors first started to emerge about a plastic iPhone, before the iPhone 5C was official, the general belief was that it would launch as a cheaper model that would be within most consumers' reach. When Apple finally made its iPhone 5C official, it didn't exactly live up to the expectations.

The iPhone 5C made its debut alongside the company's current flagship smartphone, the high-end iPhone 5S. While the flagship saw high demand and plenty of sales, the lower-end iPhone 5C was definitely not a smashing hit. Apple faced disappointing sales of the plastic iPhone model, so the company is now trying to change that by introducing an 8GB model that would come with a more affordable price tag.

The cheaper 8GB iPhone 5C has just made its debut, but it's only available from Apple's European online stores for now. The handset sports a £429 price tag in the UK, which would translate to roughly $714. The price is for the unlocked device, but even so it's not very cheap.

It is, however, about 10 percent cheaper than the existing iPhone 5C, which, in turn, is around 10 percent cheaper than the flagship iPhone 5S. While the handset is currently available only in Europe, it should hit Apple's U.S. stores as well in the very near future.

Aside from the smaller amount of internal storage capacity, the new 8GB iPhone 5C model comes with no changes over the existing versions. This means the smartphone still has the same dual-core Apple A6 custom processor, 8-megapixel iSight rear camera, and FaceTime HD front shooter.

As previously mentioned, $714 is not quite the lowest price tag, especially considering that many flagship smartphones currently available on the market are cheaper and come with better specs. Google's Nexus 5, for instance, is half the price of the iPhone 5C, and has seen far better sales. The Nexus 5 comes with good specs and features, as well as the much-touted Nexus experience that guarantees timely updates whenever Google releases a new version of Android, and it's available for $349 outright.

Consequently, it remains to be seen whether Apple can really boost sales of the iPhone 5C by offering a cheaper 8GB model, especially since it's not that cheap at all. Interested buyers in the UK can already grab an 8GB iPhone 5C from Apple's online store at this link. U.S. consumers don't have that option yet, but it should become available shortly.