Apple (AAPL) reportedly has a completely redesigned low-end iPhone in the works set to launch some time next year. Japanese blog Macotakara, which has reported accurate details surrounding unannounced Apple products in the past, claims that this new iPhone will feature a polycarbonate body similar to the material used on Apple’s discontinued base-model MacBook laptop. The new handset will supposedly feature a larger 4.5-inch display and will be slightly thicker than current iPhone models as well. Apple reportedly hopes to hit a retail price point of $330, which is significantly lower than the $650 unsubsidized price of the current iPhone 5.