When it was launched last year, the Xiaomi Mi3 price surprised, if not shocked a lot of consumers, and even some experts for that matter. 

In spite getting the best specs the market has to offer at that time (Full HD resolution, 2GB RAM, Snapdragon 800 chipset, 13MP rear camera), the phone was priced incredibly low. 

One year later and fans of the Mi3 can rejoice as the Xiaomi Mi3 price could still get lower. 

This will certainly be the case when the newly-announced Xiaomi Mi4 would make its way to the market next month. 

At only $320, the new Xiaomi Mi4 is certainly a steal, with updated specs which include a Snapdragon 801, 3GB of RAM, and an 8-megapixel front camera. 

While the 64GB version costs higher at around $400, it is still the least expensive of devices which run on the latest Qualcomm chipset and with that amount of RAM.

So now that Xiaomi is done with the announcement, the Chinese manufacturer will soon launch the device initially in China and eventually to its neighboring countries in Asia. Right now, the Xiaomi Mi3 costs around $270 depending on the country's taxes and the mark-up prices by retailers, but we're still talking about Snapdragon 800, FHD resolution, 2GB RAM and 13MP camera here. So by all means, the previous flagship is still a relevant name for the market. In fact, we won't be surprised if Xiaomi holds on to the Mi3 longer, while also selling the new Mi4. 

However, as the Mi4 approaches and arrives to a welcoming mass market, we may see an even lower price tag for the Mi3, as purchasing one may not be too ideal anymore as a higher spec model is available for only $50 more. 

That said, a price cut of another $50 for the Xiaomi Mi3 could be in play, especially for markets which have just received the smartphone recently, including India.