Apple plans to release the iPhone "Ultra" in 2024

If you have extra cash and want to upgrade next year, well you might want to wait for the iPhone ultra.

According to a Bloomberg report published Sunday, Apple may introduce a new iPhone tier called "Ultra," which would be more expensive than the Pro and Pro Max models. According to the report, the new iPhone tier could be released in 2024 alongside the iPhone 16 lineup.

The Ultra name has already been used by Apple to distinguish its top-model smartwatch, the Apple Watch Ultra, and the top version of its M1 processor. According to the report, Apple has internally discussed adding an Ultra model iPhone, but other than its price, it is unclear how this model would differ from the Pro and Pro Max iPhone models.

According to the report, during Apple's earnings call last week, CEO Tim Cook stated that he believes people will pay more for a better product.

"I think people are willing to really stretch to get the best they can afford in that category," Cook said, according to the report.

Will you keep your money and save up for the ultra or just used the existing?