After launching its Gen 5 smartwatches last year, Fossil is now following them up with a more affordable model.

The Fossil Gen 5E smartwatches are now available for pre-order and will ship "close to Nov. 3, 2020". Pricing is set at $249, down from the $295 price tag of the Gen 5 smartwatches.

With the Gen 5E smartwatches, Fossil is now offering a new 42mm case size in addition to a 44mm size that the Gen 5 models came in. The Wear OS-powered Gen 5E watches offer several of the same features as the Gen 5 versions, including an always-on display, Google Fit fitness tracking, and Google Pay mobile payments.

The Fossil Gen 5E also include the same features that the Gen 5 models got in an update last year, including Multi-Day Battery Modes when you need to stretch your battery life as well as sleep tracking. You can also answer incoming calls with your Gen 5E smartwatch using its built-in speaker and get notifications from your paired iPhone or Android device.

When it comes to specs, the Fossil Gen 5E models feature Qualcomm's Snapdragon Wear 3100 chipset just like the Gen 5 watches. Both the 44mm and 42mm Gen 5E watches have a slightly smaller 1.19-inch 390x390 AMOLED display and 4GB of storage, half that of the Gen 5 models. There's 1GB of RAM in there, too.

Fossil's new Gen 5E watches also appear to have ditched the two customizable buttons on the side of the Gen 5 watches, leaving you with just  a home button on the side. 

While they may not have Qualcomm's newer Snapdragon Wear 4100 chipset, the draw of the new Fossil Gen 5E watches is that they have several of the same features as the Gen 5 watches at a more affordable price. It's good to see the Gen 5E watches come in a slightly smaller 42mm case size, too, which will provide a better fit for folks with smaller wrists.