I'd argue that new, low-end laptops are in the $300-$400 range. Most people would be better served by a new laptop, instead of a decade old refurb. Sure, basic tasks might not need additional processing power, but things like better battery life, higher resolution screens, fast solid state drives, better webcams, and network adapters supporting newer wifi/bluetooth standards are things the average person would notice and benefit from.
I doubt the average person knows how to or is willing to manually install feature updates to continue to run Windows 11 on an unsupported laptop. Refurbishing is great, but I'm not sure how much more you can get out of a 10+ year old platform. I think the sweetspot is a 3-6 year old platform where a refurbished unit will be a decent bit cheaper, but still have a good bit of life left.