There's now no reason to pay more than $400 for a premium Android smartphone

There is now officially no reason to spend more than $400 on a premium off-contract and unlocked flagship smartphone.

The OnePlus 2 and Motorola's Moto X Style are two premium, flagship devices that were announced within hours of each other earlier this week.

And like most of the smartphones on the market these days, both phones feature impressive specs, including a large 5.5-inch display and high-end cameras.

But what really sets these devices apart from the competition are the ridiculously low prices these phones are demanding while maintaining their premium, flagship status.

Like its predecessor, the OnePlus 2 is modestly priced. The 16GB model unlocked and off-contract will only cost you $319. The OnePlus One of the same model was about $250.

While a low price tag for the OnePlus was expected, the Moto X Style's price was a surprise.

The new Moto X Style will only cost $399, about $150 cheaper than what the 2014 Moto X was priced at last year.

To put the low price of these devices into some perspective, just consider what else is on the market right now.

Off-contract and unlocked, the least expensive model of Samsung's, HTC's and LG's latest premium flagships demand around $600-$650. That's about $200-$250 more than the OnePlus 2 and Moto X Style for similar specs.

Not to mention the LG G4 is mostly made of plastic, while the OnePlus 2 is clad in an aluminum-magnesium alloy and stainless steel. And for the OnePlus 2's back, you get premium materials like wood and OnePlus' signature "smooth yet grippy" material, called "Sandstone."

The Moto X Style also features a handsome exterior with its leather and hardwood backs and classy aluminum frame.

Sure, you can get the leather back option for the LG G4, but that'll set you back an extra $50.

But it's not just the hardware features that make these phones a steal.

Almost every Samsung, HTC, and LG phone install their own proprietary software layers, or "skins," on top of Android, which often slows the devices down and make them difficult to use.

The OnePlus 2 and Moto X Style, however, run on the latest version of pure Android (5.1) with just a few non-intrusive propretary features, giving the user a much truer Android experience. If it ain't broke, don't fix it.

If I sold my premium $600+ flagship device and bought either the OnePlus 2 or Moto X Stylus, I'd have some money left over for something else. Never again.