Tim Cook on the $1,000 iPhone X: 'It's a value price, actually'

Apple CEO Tim Cook was on Good Morning America on Tuesday, and host Robin Roberts got to ask him a question that lots of people are wondering about.

Isn't the $999 iPhone X a little pricey for a lot of people?

His response? 

"It's a value price, actually, for the technology you're getting," Cook said. Then he explained that most people won't be paying the sticker price up-front. 

"People are now paying for phones over long periods of times, very few people will pay the price tag of the phone initially. Also, most people trade in their current phone, and that reduces the price further, and some carriers even throw in subsidies and discounts," Cook said.

"When we look at it, the iPhone in particular has become so essential in our daily lives, people want it to do more and more, so we've built more and more technology in to be able to do it," he continued. 

Apple announced the iPhone X last week. You can preorder the iPhone X, Apple's highest-end iPhone, on October 27 from Apple's website. It will hit retail stores on November 3.

It's got a strikingly different design, featuring a new screen that covers nearly the entire front of the phone. It's also got new cameras, sensors, and has better battery life than the iPhone 7.

Apple and investors hope that the iPhone X can propel a "super cycle" of sales that returns the Cupertino company to revenue growth. In 2016, Apple reported $215 billion in sales, its first year-over-year decline since 2001. 

"Apple has never been about selling the most of anything, that is not our objective, our objectives is not big revenues, our objective is to make the best product that enriches people's lives," Cook said on Good Morning America. 

Watch the entire interview below. The iPhone X question is at 6:15: