iPad Price Drop: Tablet Price War Could Bring $399 iPad 2

Rumors are swirling that an iPad price drop is imminent.

It's a new year, which means Apple will likely be unveiling new products in the coming months. One new product could very well be a new iPad 3.

Some media outlets are predicting there will be several different models of the new iPad. Apple may produce an entry-level unit and a higher-priced model. The estimated price points: anywhere between $299 and 499.

Is this too good to be true? It could be. The iPad's price has never really dropped that low.

But Apple has never truly faced much competition in the tablet market. There are multiple new tablets that have hit the market in recent months. Many are at lower price points. The Amazon Kindle Fire sells for only $199. It's estimated that Amazon shipped around 3.9 million units in the fourth quarter of 2011.

Granted, Apple still has the majority of the tablet market cornered. The company reportedly sold around 18.6 million iPad in the last three months of the year. They also still have an estimated 65.6% of the market share.

And it's unclear whether or not tablets like the Kindle Fire truly pose a threat to Apple's consumer base. The Kindle Fire lacks many features and is not as powerful as the iPad. Some consumers also tend to gravitate toward Apple products due to their design.

Should attorneys wait to see if a lower-priced iPad will surface this year? Unless having a tablet is essential to your practice, it's probably prudent to wait. The iWorld event is taking place on January 26, according to Time. That's when Apple will likely announce new products.

Even if the iPad price drop doesn't happen, you might want the new iPad model anyway. Everybody wants to own the newest tech gadget -- not last year's model.

Related Resources:

• Rumor: Two New iPads in January, iPad 2 Price Drop Expected [Updated] (Time)
• Apple Stole iPad Idea from Stanley Kubrick's 2001, Samsung Argues (FindLaw's Technologist)
• iPad Competition: Will Attorneys Use Samsung Galaxy Tab 10.1? (FindLaw's Technologist)