The phone is the same price as the current iPhone 5: $199 for the 16GB version, $299 for 32GB and $399 for 64GB.
The 5C has many of the same capabilities as the iPhone 5, but the rear of the 5C is replaced by a single piece of colored polycarbonate. The iPhone 5C will come in vibrant green, blue, pink, yellow and white, and will be priced at $100 less than the current iPhone 5, starting at $99 for the 16GB version.
Apple offers cases for both phones. For the 5S, you can purchase leather cases in subdued colors that cover the volume buttons on the phone for $49. The 5C has more vibrantly colored cases with rows of holes cut out on the back to allow the phone's color to shine through for $29.
With the launch of the phones Apple has discontinued the iPhone 5. The iPhone 4S will still remain available as a free phone with a new two-year contract.
Apple made several of its popular apps free on Tuesday, too. Now, whenever you purchase a new iPhone, iPad or fifth-generation iPod touch, you can download iWork, Keynote, Pages, Numbers, iPhoto and iMovie for free. These apps are normally priced between $4.99 and $9.99 each.
Do you plan to purchase an iPhone 5S or 5C? Let us know your thoughts in the comments.