If you are on the hunt for a well-priced smartphone, look no further than the Google Nexus 4, which has just been on the receiving end of a hefty price cut.Overnight, Google dropped the US price, quickly following it up with a UK drop too. The reduction is about 25 per cent, with the 8GB model now available for just £159. If you want to treat yourself with extra storage, you can get a 16GB model for £199. Still something of a bargain.Why the reduction? That's not clear. But you would guess it's either due to stock levels (especially with numerous other phones landing in competition over the last 12 months or so) or more likely, that Google has one eye on the launch of a new Nexus. There has been talk of a Motorola-made Nexus 5, which was said to be launching before the year is out. Google might want to clear the decks before that - or simply make its current model more affordable, which is what it did when launching new Nexus tablets last year.Not much is known about the new model, although rumours have pointed to it having a 5.2-inch screen ands hosting a Nikon-made camera. But if our hunch is correct, might not be too long to wait before we get the full reveal.In the meantime, if you fancy the LG-made Nexus 4 on the cheap, read our review here. It's an impressive piece of kit - just as long as you don't want to use it on a 4G network.