Apple announced the 8GB iPhone 4 alongside the iPhone 4S yesterday, and the company is clearing out current iPhone 4 inventory while supplies last.

Customers that are content with purchasing the iPhone 4 can buy the device from Apple for a reduced $149 price point for the 16GB capacity, and $199 for the 32GB capacity. The iPhone 4S retails for the same $199 (16GB) and $299 (32GB) price points that the iPhone 4 was previously priced at…

Like usual, you will have to buy the iPhone 4 with a two-year contract to get the $50/$100 discount. After supplies of the regular capacity iPhone 4 models are gone, Apple will only sell the 8GB iPhone 4 capacity for $99 moving forward.

The iPhone 4S packs a faster processor, better camera, and Siri voice technology features that differentiate it from the iPhone 4. Pre-orders for the 4S start on Friday.