A rumor about the cost of the new iPhone has drawn outrage from technophiles.According to report from Digital Spy, the iPhone 5 is expected to be released sometime this fall and insiders are saying that the price could be an outlandish $800.

The current model, the iPhone 4S, was released last year with the top-of-the-line model going for $399.

Are you an iPhone owner? Would you pay $800 for the latest model? Is technology getting ridiculously expensive? Let us know in the comments!