Nokia announced a new Lumia device today, the Nokia Lumia 510. It’s their most affordable Windows Phone yet. For about $199 USD without contract, you get a 4-inch display, 5 megapixel camera, and the Windows Phone 7.5 experience.

There are a few things to be wary about if you purchase this phone. It has an 800MHz processor, 256MB RAM and only 4GB internal storage. The good news is that Engadget did not see any significant slowdown during their brief time with the device.

Other things missing are HD video recording (it supports VGA) and a front facing camera.

On a positive note, you get a comprehensive smartphone location and navigation experience for just $199 thanks to the included Nokia Maps, Nokia Drive and Nokia Transport. The Nokia Lumia 510 is expected in November 2012, starting with India and China, and followed closely by other Asia-Pacific countries and South America.

What do you think of the Nokia Lumia 510?