After years of rumors that Apple would be making a lower cost iPhone, it may finally be time to back off on the skepticism. We’ve seen leak after leak of colorful plastic shells purporting to be from the new low-cost handset, and now it has shown up in video form. Not only that, but it’s a clear, well-made video.What we see in the video is only the back of the phone with no internals, and it’s clearly unfinished. There are no cutouts for the buttons or the SIM tray. However, the thin metal frame on the inside shows the spots where those holes will be. On the back the camera and LED flash are in the same sport with a secondary microphone right where it is on other Apple products.The overall design is rather like a mix of the iPhone 5 and older 3G/3GS designs. The edges are rounded, but it’s definitely still rectangular instead of curving as dramatically as the 3GS. It’s roughly the same size as the iPhone 5, indicating a 4-inch screen on the cheaper iPhone variant as well. A second video shows off the green back, and also includes the matching green buttons that will eventually go in the cutouts.The leaked casing seems like a premium component, but it’s clear it’s built more economically. There are no metal inlays around the port openings, and the chamfers from the iPhone 5 are obviously gone (it’s plastic). The process of milling the aluminum parts for the iPhone 5 is expensive, but how expensive won’t be clear until we see how much this version costs. This is looking more plausible than ever, though.