The iPhone 5C is now available at its lowest price yet courtesy of Sprint, as the carrier offers the smartphone for free with a new two-year contract.

After lots of speculation regarding a lower-cost iPhone, Apple finally unveiled its new iPhone 5C back in September as the lower-specced sibling of the new iPhone 5S flagship. While many expected a lower-cost iPhone to actually be low-cost, the "C" in iPhone 5C did not exactly stand for cheap.

The iPhone 5C did launch at a lower price point compared to the flagship because it sports a plastic casing and is basically a more colorful iPhone 5. The smartphone launched with a $99 price tag for the 16GB version and $199 for the 32GB model when signing a new two-year contract.

Sprint is now jumping the gun and bringing some Christmas cheer with its latest iPhone promotion, offering the iPhone 5C for free when agreeing to a new two-year contract.

As a reminder, the iPhone 5C sports a 4-inch IPS Retina display with a resolution of 1136 x 640 pixels, the same display found on the flagship iPhone 5S, and packs a powerful A6 chip, the same processor found on the iPhone 5.

The iPhone 5C further features an 8-megapixel iSight HD camera with built-in filters for high-quality photos. The camera is also able to capture panoramic images. The smartphone also sports a front-facing HD camera for FaceTime calls, self-shots, and video chats.

Other specs of the iPhone 5C include 16GB of internal storage capacity and various connectivity options such as 4G LTE, dual-band Wi-Fi, Bluetooth 4.0 Low Energy (LE), and GPS.

The iPhone 5C is the first Apple smartphone to come in a colorful range of options, as the handset is available in white, pink, blue, yellow, and green. It is also the first iPhone to come with a polycarbonate casing, which allows for a lower price tag.

Sprint's new offer comes just in time for the holidays, a time when demand for smartphones is far greater than usual. If a new iPhone is on your holiday shopping list, you can now pick up the 16GB iPhone 5C for free when signing a new two-year contract with Sprint.