After years of four-digit prices with new iPhone releases, finally Apple has unveiled a new budget-friendly iPhone SE starting at $399. During the presentation today Apple announced the second-generation SE model starts at just $399, far less than the entry-level iPhone 11, which costs $699, and the iPhone 11 Pro Max, which starts at $1099. At 4.7 inches, the new SE is smaller than the latest lineup of iPhones — the iPhone 11 is 6.1 inches — but comes with the same fast processor that’s in the11 Pro. It also offers a Retina HD display, 4K video and a home button that enables TouchID. But the new SE does pack a wide camera with image stabilization and faster autofocus in low light, along with features such as portrait mode, depth of field control and lighting adjustment tools. CEO Tim Cook called it the “best single-camera system ever in an iPhone.” It has the same battery life as the iPhone 8. The iPhone SE, which comes in white, black and red, is available for pre-order starting Friday and ships to customers on April 24.