The Nokia Lumia 505 which runs on Windows Phone 7.8 was officially announced by Nokia which features a 3.7-inch AMOLED display, an 8 megapixel camera, powered by a single-core processor clocked at 800MHz with 256MB of RAM. It has a 1300mAh battery, weighs 131 grams, and measures 118.1 x 61.2 x 11.3 mm
This will be considered as a very cheap Windows Phone, because it has 4GB of internal memory only, and no front-facing camera.
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Price? According to GSMArena; Pricing and exact availability are still to be announced by Telcel, with the Lumia 505 expected to be launched in the coming weeks. This will be available in 3 colors: Black, Red and Pink