The old adage suggests “you get what you pay for.” If reports – or rumors, more accurately – are substantiated and Apple does indeed announce a smartwatch on Sept. 9, the wearable will set buyers back $400, hundreds of dollars more than smartwatches from its competitors.

Samsung, LG and Google are already either at market or preparing to be with their own smartwatches, with prices even at the high end not exceeding $300. Samsung and LG, according to Bustle, are selling their wearables for $200.

Both South Korean companies have received mixed to negative reviews, with many tech writers not keeping it a secret that they expect the iWatch would be a game-changer at the expense of the devices first-to-market.

Apple co-founder Steve Wozniak has said his former company was more interested in having the best product, not the first, Bustle reported.

Some analysts are questioning if the $400 price tag may be too steep of a price for customers willing to spend on a device that duplicates features found on the iPhone and other smartwatches.

According to Bustle, Mark Sue of RBC Capital Markets told MarketWatch that buyers may be “unwilling to pay a premium” for duplicate devices. Sue cited an RBC survey in which 67 percent of consumers said they would not pay more than $200 for a smartwatch. Some 60 percent said they wouldn’t entertain a smartwatch purchase until prices dropped.

The higher premium on a new Apple product is not unprecedented. The first iPhone was priced at $599, as much as the cost of an entry-level PC laptop, and higher than most smartphones. Apple eventually lowered the prices, which skyrocketed the iPhone’s mainstream adoption and lion’s share of the market — until Google shook up the mobile phone space with the Android operating system, paving the way for the rise of Samsung smartphones.