Refurbished iPhones were a killer business:
1. A less than a year old phone with a defect (dumped by end users, Honhai, Apple's QC contractors) was sold for 20 to 30 USD;
2. Re-equiping a phone without charger, driver disk, or retail box did costs less than one dollar;
3. "Out-of-dumpster" phones, cleaned, and sorted by the level of "brokennes" were sold wholesale for around $50-60 USD a kilogramm;
4. "Recovered" ifones (bought out by recyclers from end users) were sold from 50 to 200 USD depending on level of wear;
5. A "full-service" that includes change of all external casing parts to new, non-original ones, reflashing, new battery, resoldered clean ports, new memory chip for phones with failing or degraded NAND flash, and bubble-wrap packaging did cost around 10 to 15 USD for small quantity orders;
6. A phone refitted to market grade A2 (identical to a phone from assembly line with less than 3 non-original parts) can be sold for up to $300 a piece.