Yesterday, we told you about the deal at Let’s Talk, which was offering the LG Nexus 4 for only $76.49. Not to be outdone, T-Mobile itself is now selling for only $49.99.

There are a few caveats, though: First, you’ll have to pay $50 up front, and wait for a $50 mail-in rebate to get to you. Second, this deal is only valid until midnight on February 18. Third, this price is good for new customers only – others who wish to upgrade will still pay the regular (way too high) price of $199.99. But with that in mind, this is the best price we’ve seen for the Nexus 4 so far. Granted, you do still have to sign up for a two-year contract, but you are saving $300 off the unsubsidized price if you bought it directly from Google.

Is this price love enough to make any of you consider signing a new contract, or is prepaid the way to go?

[T-Mobile via Android Police]