When millioners decide price of "low-cost" they have no feeling about what low-cost really is.
For me, 5c is too close to proper iPhone 5s (or whatever it will be called). If i will have 450$ to spent on the phone, then i would add 100 or 150 to buy proper phone and NOT 3 years old hardware from iphone 4 packet in plastic shell.
But this is only speculation because we don't have official price of "low cost" iphone.
Forget the price for a minute why on earth would the 5C have iPhone 4 hardware? Obviously the new phone would run Siri, turn-by-turn, support 1080p recording and 4" screen resolution all of which is not supported by the 4 hardware. If anything, the 5C will have the iPhone 5 components not obsolete hardware.
I know we are missing details but there is no way Apple is butting in 3 year old hardware into a new device. And there is no evidence from anything they have done previously to make you think they would. Mark my words the 5C will be a repackaged, plastic iPhone 5, and they will get rid of the other phones .