iPad 4 Release Date Causes iPad 3 Price to Drop to $379

With the iPad 4 release date coming soon, the price of the iPad 3 has dropped significantly.

The tablet can be purchased directly through Apple refurbished for just $379 with 16GB internal memory and Wi-Fi connectivity.

The device is available in both black and white and will be for sale until the company runs out of stock.

Apple will begin accepting pre-orders for the fourth generation iPad this upcoming Friday.

The company unveiled the new model at its media event that took place yesterday.

The tablet features a beefed up A6X chip with a new Lighting port at the bottom, making the tablet a lot faster and bringing it up to speed with the recently released iPhone 5.

Apple also promises that Wi-Fi capabilities on the new iPad will be twice as fast as the previous model.

The unveiling of the new iPad model shocked many viewers during the event as Apple decided to drop it in the public's lap just seven months after the release of the previous version.

The 4th generation iPad will take the place of the current model and start at $499 for the 16GB Wi-Fi model.

Apple also introduced the new 7.9-inch iPad Mini at this media event. This tablet is basically the iPad 2 shrunken down.

Other specs on the device include a 1024 x 768 display, A5 chipset, front Facetime camera, rear 5-megapixel camera, Lightning connector, and a battery capable of lasting up to ten hours. The major difference between the iPad 2 and Mini model other than size is that the Mini is available with LTE connectivity.

The Wi-Fi only iPad Mini will sell for $329, $429 and $529.

The LTE iPad Mini Model will be available for $459, $559 and $659.