Apple announced the new iPhone SE on Wednesday, an updated version of the company's smaller and cheaper iPhone originally released in 2016.

Apple also still sells the iPhone XR, one of the company's more affordable iPhones.

The SE and XR are comparable, but the SE is cheaper and has an upgraded processor, though the XR has a bigger display.

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On Wednesday, Apple announced the second-generation of its cheaper iPhone SE, originally released in 2016.

The new iPhone SE will start at $399, using the same processor as 2019's iPhone 11, but at a lower price point.

The new iPhone is available for preorder starting on Friday, and Apple says it will ship starting on April 24, replacing the current budget option of the $449 iPhone 8 in Apple's lineup.

Customers looking to buy a new iPhone without spending a lot will likely be choosing between the new iPhone SE and the next cheapest, the older iPhone XR, which retails for $599

Here are the differences between the two: