Apple has begun selling refurbished iPhone 8 devices for only $499, a $100 deduction from its current price. The iPhone 8 Plus was originally placed in Apple’s online store under refurbished devices, but is currently out of stock.

A refurbished iPhone is an iPhone that has been tested and repaired by the manufacturer or trader as necessary, said Digital Trends. Typically, refurbished iPhones function as well as a new phone, but have slight cosmetic damage or signs of wear and tear. Most people return or sell their devices to be refurbished because they either weren’t satisfied with the product, or they want to use the funds to save toward a newer device.

SEE: Mobile device security: A guide for business leaders (Tech Pro Research)

In order to help customers understand the difference between the quality of each refurbished device, the manufacturer or trader usually create a grading system. Here is an example grading system by Digital Trends:

  • Grade A — Near mint condition, the iPhone should look like new.
  • Grade B — Minor cosmetic damage, such as light scratches, or small chips.
  • Grade C — Looks used with clear signs of wear.

Currently, the Gold, Silver, and Space Gray editions of the 64GB refurbished iPhone 8 are available online, but not the 256GB model.

The iPhone 8 is the last Touch ID-enabled device in the iPhone family, shifting to Face ID with the iPhone X. Face ID was received with mixed emotions, as users had grown accustomed to using their fingerprint for the past several years.

Face ID also endured some growing pains, initially having issues detecting faces under certain scenarios (early in the morning, with glasses, etc.). But the new technology is allegedly more secure than Touch ID, appealing to many iPhone users worried about hacking.

The price cut for refurbished iPhone 8 models could be great for businesses wanting to provide work cell phones to their employees. As Apple’s last model with the fingerprint scanner, most users are probably going to be more comfortable and adjusted to using Touch ID.

Also, the iPhone 8 is listed as one of the best smartphones for business professionals. And now with an even more appealing price tag, businesses should take notice.

The big takeaways for tech leaders:

  • Apple is selling refurbished 64GB iPhone 8 models for only $499.
  • As the last iPhone with Touch ID, the iPhone 8 is comfortable for many iPhone users, and is an affordable option for businesses wanting to provide work devices to their employees.