Now is the worst time to buy a new Apple Watch

• September is here, which means it's the worst time to purchase a new Apple Watch.
• Apple has released a new version of the Apple Watch every September since 2016, which means an upgraded model could be around the corner.
• Even if you don't want to splurge on the new version, Apple might slash the prices of older models when it announces the Series 5, so it's worth waiting.
• Visit Business Insider for more stories. 

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If you're an iPhone owner in the market for a new smartwatch, your best bet is to hold out for a little while longer.

Apple has announced a new version of the Apple Watch in September every year since 2016, so there's a chance it could do the same in 2019.

Rumors about the next-generation Apple Watch have been fairly thin thus far, but if Apple does release a new smartwatch it will likely have an improved processor — an upgrade that's typical for Apple's new watches. That could mean faster performance and longer battery life for Apple's rumored successor to the Series 4. 

Read more: The Apple Card is launching soon — here's how to apply for one directly from your iPhone

Health has been a major area of focus for the Apple Watch in recent years, and Apple could take that a step further by adding sleep-tracking capabilities to its smartwatch, according to Bloomberg. That feature, however, might not arrive on a future Apple Watch model until 2020, the report says.

Even if you're not interested in purchasing the latest version of the Apple Watch, Apple might reduce the price of the current model once the new one launches — an approach Apple has taken with the Apple Watch and the iPhone in recent years.

Last year, for example, it dropped the starting price for the Apple Watch Series 3 to $280 from $330 after announcing the Series 4 during its September press event. When announcing the Series 3 in 2017, it cut the price of the Series 1 to $250 from $270.

With the Apple event right around the corner, it's worth waiting a few more days to see if Apple does debut a new Apple Watch. By doing so, you'll have the opportunity to decide whether the new model is the right choice for you based on your budget and priorities. And if it's not, you might be able to score an older model at a cheaper price.