Why is an iPhone ridiculously expensive?

I use a Sony Z1 Compact which is obviously an android phone. I like to root and customize from kernels to over clocking my phone. I know iPhones can be jailbroken. Now there's all this hype for the new iPhone which has specs same as a 2012 Nexus 4. Seriously guys, why do some people buy overpriced products when you can buy better smartphones at a cheaper and reasonable price? Let me know what you think below!

Spoken like someone who doesn't know anything about technology. If you don't like iOS or Apple's phones how about you just don't buy them instead of trying to justify your purchase.

Because a lot of people think that the more expensive something is the better it will be.

Lol, the 2012 Nexus 4 and the iPhone 6 could not be anymore different. All phones are expensive when they are launched. There are plenty of phones that are more expensive than iPhones. Check out the prices on the most recent Galaxy, or the HTC One. They both cost more.

So you're so tech savvy that you can root your android phone but apparently incapable of using the internet to actually check the prices of IPhone competitors that are about as expensive (if not pricier) than iPhone?