Apple’s revelation that the iPhone 4S is nigh has started a domino effect that sapped much of the value away from its predecessors. Those who have spent the past several months longing for the iPhone 4 will now be able to grab an 8GB model for $99 on a two-year contract. And the older iPhone 3GS now is free on contract.

Engadget reports price cuts have yet to be announced on other older iPhone models. As we reported yesterday, the new iPhone 4S, due out Oct. 14, costs between $199 and $399, depending on the amount of data storage on the device.

Apple drops iPhone prices: 8GB 3GS free, iPhone 4 now $99 [Engadget]

Previously: Apple: No iPhone 5, But The Faster iPhone 4S Will Be Available This Month For AT&T, Verizon & Sprint

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