New iPhone announcement on Wednesday. When will the 6 drop in price? Same day?

I've been waiting for the release of the new iPhone so that the price will drop on the old one as it does every time. I did the same thing when the last iPhone came out. Remind me: Does the price of the old phone go down the same day as the announcement? Like can I get my new phone on Wednesday? Or will it be the next day? Or does it drop when the new one is actually released? Can't remember. Thanks!

Added (1). Also, do I need to wait until my contract is up on Sept. 14?

The iphone 5s dropped prices right after the announcement, so i figure it will be the same this year. As for your contract, you can wait OR you can pay to have your contract cancelled. You'll have to check with your carrier for that information

The same day.

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