Saving for an iPhone X? Perhaps you've sold a car or taken an extra job to finance the ultra-expensive new Apple phone?

Well, you'll probably be disappointed to know that the $999+ iPhone X actually costs around $370 to produce, according to IHS Markit.

The business intelligence company's engineers have torn down the iPhone X and estimated that the 64GB variant of the device is made of $370.25 worth of materials.

This makes the iPhone X the most expensive phone to make. According to IHS Markit, it's $50 more expensive than the 256GB iPhone 8 Plus. By comparison, a 64GB Samsung Galaxy S8 is only made of $302 worth of materials.

Of course, the "bill of materials" does not include costs like R&D and marketing, which are considerable, especially for a new, forward-looking device such as the iPhone X. IHS Markit says that Apple has likely maintained its "typical" hardware margins for the iPhone X.

The report offers some insight on the cost of individual components. For example, the iPhone X's TrueDepth 3D sensor system costs $16.7, while the phone's 2435x1125-pixel OLED screen, together with the cover glass and the Force Touch sensor, costs $110, according to the company.