Even with the storm of iPhone navigation apps that have hit the iTunes App Store recently, there’s yet to be an app that’s both fully functional and affordable. Those woes end today with the latest update to ALK Technologies’ CoPilot Live North America. While it’s more expensive than the usual sub-$10 game or news app, the $34.99 price tag is far below that of its navigation competitors such as Navigon and TomTom, which charge $90 and $100, respectively, for their apps.

The latest CoPilot Live update has detailed text-to-speech capability, which allows street names to be read by the application; improved contact integration for directions to any contact in your phonebook; and monthly updated maps. Additional features from previous versions include 3-D and 2-D maps, portrait and landscape views, weather information, access to LiveLink (CoPilot’s own location sharing social network), gas prices and access to a point-of-interest database.

We’ll have a full review of the new update here on KickingTires; for now, CoPilot Live’s $34.99 price makes it easier to purchase a navigation app than before.

Download via iTunes here.