Apple's new iPad has whopping price tag

Apple (AAPL) is known for its cutting-edge products, but often gets dinged for its high price tags. Its newest iPads might not change that opinion. 

The technology giant is releasing two new iPad models, with the most expensive one costing $929. A slightly less expensive 128 GB Wi-Fi model will cost $799, according to a press release from Apple.

That may be a lot to bite off for most consumers, especially at a time when U.S. consumer confidence plunged this month to its lowest level in more than a year. At the start of 2013, many Americans got hit with higher Social Security taxes, resulting in smaller take-home paychecks. 

But Apple probably isn't targeting the average American consumer with its latest products, reports CNN. The company is primarily hoping to sell the pricey iPads to professionals, such as people working in the medical industry or in architecture, who need the bigger amount of storage to handle large files. 

The new iPad's 128 gigabytes of storage is double the tablet's previous capacity, while everything else remains unchanged. The product will go on sale Tuesday, Feb. 5. 

The price tag is already drawing criticism, with one reviewer noting, "Yes, you should absolutely buy the new 128 GB iPad 4 with Retina Display if you have $900+ dollars to spend. But, other than that, I don't see why you should."

For consumers who want a less expensive tablet device, there's no lack of products on the market, from Apple's own cheaper iPad versions to Google's (GOOG) Nexus and Microsoft's (MSFT) Surface, which start at $199 and $499, respectively. 

Apple's also apparently facing some issues with consumer reluctance to shell out the big bucks for new products. While the iPhone still holds its edge in the smartphone market, many U.S. consumers are apparently opting for less expensive models. 

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