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Apple first-generation iPad Mini price cut to $299

The company's elder Mini tablet will be cheaper for those who don't want to invest in its new iPads.

James Martin/CNET

Apple's iPad Mini might have been trumped by the company's new Retina Display model, but the elder option just got a price cut.

The old iPad Mini now goes for $299, Apple announced at its special press event Tuesday. That makes the iPad Mini $100 cheaper than the new Retina Display-equipped model Apple announced today.

Apple's decision to cut the price on its older iPad Mini is perhaps no surprise. Across the company's mobile line, Apple keeps older versions on store shelves for a discounted price. The move not only increases the company's total unit sales but also helps those on a budget get their hands on Apple's devices.

This is a developing story. Follow our CNET live blog and see all of today's Apple news.