Looking for a terrific, contract-free smartphone that won’t cost you a fortune? Then look no further than the Nexus 4. Google has today slashed $100 off its price tag, so the 8GB model is now just $199 from $299, and the 16GB model is now just $249 from $349.

You won’t find another smartphone with these specifications this cheap.

The Nexus 4 will be a year old in November, but it’s still a very capable smartphone with very decent internals. It has a 4.7-inch 720p display with a 1.5GHz quad-core Snapdragon S4 Pro processor, 2GB of RAM, Adreno 320 graphics, and an 8-megapixel rear-facing camera.

It also boasts a beautiful design with glass panels on its front and back, and a soft-touch finish around its edge. And because it’s a Nexus device, it gets the latest version of Android as soon as it’s made available by Google.

At just $199, the Nexus 4 is a steal. If you want to avoid a new contract but you need a decent smartphone, it’s probably the one to go for right now. Just bear in mind that it’s likely to get replaced by a new model in a few months. If that doesn’t bother you, you can order yours now from Google Play, with shipping in 1-2 business days.

These reductions aren’t exclusive to the U.S., either — you’ll also find them in the U.K., Australia, Canada, Germany, Spain, and Korea.

• SourceGoogle Play
• ViaGoogle