OK Apple fans. It might be time to dig even deeper as reports are coming through that the next iPhone will be knocking on the door of $1000.

It looks like it won’t be long until we see an iPhone pass the millennium line on pricing.

According to a report by Fast Company they have several sources saying that the iPhone 8 — or “iPhone X,” as some think Apple may mark its 10th anniversary with a special name — may break the four-figure barrier.

Apple’s current lineup for the latest generation iPhones today range from $649 to $969 at full price depending on display size and storage capacity.

What I see more-or-less affirms previous leaks and rumors of what we’ve been hearing about the next iPhone.

There is even word that there will be an “even more premium tier this year.”

With that all that in mind, plus the additions of a 5.8-inch OLED display with upgraded storage, it’s not difficult to see that £1K price tag suddenly crash in to view.

Show me the money

So, why are we thinking the next iPhone will cost so much?

Here’s the breakdown.

iPhone 8 screen

The 5.8-inch OLED screen that wraps around the entire face of the iPhone 8 costs twice as much as the typical LCD Apple commissions.

The rules of supply and demand will come in to play. Between the Galaxy S8 and this device, the sprawling OLED industry, mostly dominated by Samsung, has basically been ordered dry.

Storage

Memory upgrades are expected by consumers. These are also expected to be expensive as well, especially with current currency market conditions.

iPhone 8 body changes

Glass will cap the front and back faces of the phone while a stainless steel mid-frame is in development.

Word is that not only will the physical home button disappear in favour of on-screen fingerprint scanning tech so will the volume controls. These will be replaced by a capacitive touch strip on that mid-frame.

Clever scanning tech

Apple might be building-in facial recognition to the iPhone. Their collaboration with Lumentum on implementing dimensional scanning technology hints at this.

Some of that technology may also give the iPhone 8’s dual main cameras better detail and augmented reality processing.

Will it all happen?

Well, as always, things could well change between now and the great reveal.

Let’s face it, Apple has previously tweaked things even once they’re into the production season.

What are you hoping that stays? Is there anything missing that you want/expect Apple to add?

Most of all, would you pay $1000/£1000 for a mobile phone?