It may be worth waiting for the iPhone SE 4 if you can't find or afford the iPhone 15 or iPhone 15 Pro - because it sounds like it could be several features in common with these more expensive models, according to sources speaking to MacRumors.
For one, charging will apparently be done through a USB-C port, rather than a Lightning connector as the original iPhone 14 had. Currently an iPhone 15 exclusive feature, USB-C would be a welcome modernization for the iPhone SE alongside the far more modern look of the iPhone 14's body compared to the iPhone 8 chassis that the current iPhone SE uses. Although it's likely more to do with Apple complying with the EU common charging laws rather than it being an act of generosity.
Apple may also be adding an Action button to the new SE, something you only get on the iPhone 15 Pro and iPhone 15 Pro Max right now. The iPhone 14 came with the familiar mute switch, but it seems that Apple will be going all-in on its new customizable button over the next couple years after debuting it on this year's premium iPhones.
Just one camera, but an upgraded one
One negative change could come to the cameras. The iPhone 14 came with a main camera and an ultrawide camera on its back, but the iPhone SE based on it may only offer a single main camera, with a slightly redesigned block to house it. The sensor will at least be a 48MP one though, which hopefully means it'll be offering the same 24MP images and 2x zoom mode that the iPhone 15 and iPhone 15 Pro do.
These rumored changes aren't set in stone, since the next iPhone SE is still a couple of years away in all liklihood. But from what this rumor's told us, it seems that Apple has a clear vision for the iPhone SE 4 all the same, and one that sounds like the biggest overhaul to the iPhone SE line since its introduction in 2016. We can't wait to see how it turns out.