Turns out Apple`s (NASDAQ: AAPL) new iPhone 5S and iPhone 5C are more alike than you might think, according to the research firm IHS, which took both devices apart to check out the internal components.

The 16GB iPhone 5S, which features the fingerprint sensor, costs Apple at least USD 199 to build and the 64GB model costs the company about USD 218 to make, according to IHS data shared with All Things D.

Apple`s iPhone 5C, though, doesn`t cost that much less to produce than the iPhone 5S. The iPhone 5C costs between USD 173 and USD 183 to make, according to IHS. The devices are similar in production cost because they really aren`t all that different.

"I would say that they`re almost the same phone, except that the 5S has the fingerprint sensor, the A7 processor and some newer memory chips that consume less power. Beyond that, they`re basically the same," said IHS analyst Andrew Rassweiler, who oversaw the teardown work.

The most expensive components for both models are those that are associated with the display screen, coming in at a combined cost of about USD 41. The vendors for the display screens likely include Sharp, Japan Display and LG Display, according to IHS.

Before its unveiling, the iPhone 5C was thought to be a much cheaper model of the iPhone. But Apple made it clear that was not the case when it revealed the phone`s pricing during its product event earlier this month. The unsubsidized iPhone 5C costs USD 549 for a 16GB model and USD 649 for a 32GB model. Many analysts had expected the device to cost about USD 300 to USD 350 without a contract.

Apple`s iPhone 5S ranges in price from USD 649 to USD 849 without a contract.

Apple didn`t respond to a request for comment, according to All Things D.

Read the full report on All Things D.

-By CNBC`s Cadie Thompson. Follow her on Twitter @CadieThompson.

Copyright 2011 cnbc.com

First Published:Sept 25, 2013 3:47 PM IST