New York (CNN Business) Apple's high-end iPhones typically get the most buzz. But the iPhone XR, a lower cost model that comes out on Friday, stole the show at the company's September product launch. And for good reason.

The iPhone XR is remarkably similar to the fancier iPhone XS and XS Max. It's got the same fast A12 bionic chip, the same front-facing camera, the same wide-angle camera, the same wireless charging tech, the same speakers and the same Face ID support.

The biggest difference? It costs $250 less.

There are, however, some other important differences between the XR and the pricier XS and XS Max. The XR is really something for iPhone 8 and older users looking for an upgrade.

Here's what you need to know if you're in the market for a new phone:

Read More