The Apple iPhone, at $500 and $600, isn’t cheap. Should you wait to buy it?

If it were most any other brand of consumer electronics product, the answer would be yes, of course. You can bet on it dropping in price within six months if not a year. Not so with Apple products.

iPhone

Apple prices its products at a premium to rival devices and then slowly, and I mean slowly, drops the price. In fact, the price drops so slowly that you are likely to see the product discontinued before you see it discounted.

The one-gigabyte iPod Shuffle at $79 is half the price it was in January 2005. The underlying components fell far faster. For reference, in January 2005, a one-gigabyte flash memory card at retail was slightly less than $200. Today it is about $25.

A 30-gigabyte iPod has dropped a whole 17 percent in almost two years. The 4GB Nano dropped 20 percent in three years.

There are a number of things wrong with the iPhone. There will surely be an updated version with more memory and better features. If history teaches us anything about how Apple thinks, at that point Apple may knock $50 off the price. Maybe $75.

One other thing to think about. There are certain magic price points for electronics; $500 is one. When something is less than $500, it triggers a new segment of buyers. Others are $250 and $100. Apple has laddered iPods that way. It is possible the company will do the same with cell phones once the brand gets established.

Of course, if it sells like the Newton or that flower-stand Mac thing that got splashed on the cover of Time, then yes, you may get one as cheaply as a Motorola Razr.