Apple's refurbished iPhones retail for $499 and $399

Apple's iPhone has only been on the market for about two months, but the company is already selling refurbished phones to customers with a one-year warranty.

The "Apple Certified Refurbished" iPhones are available online for $499 and $399 respectively for the 8GB and 4GB models. The $100 price cut represents a 17 percent and 21 percent discount respectively.

Apple offers free shipping on both models and says that the refurbished phones ship with 1-3 business days. Apple also offers the AppleCare Protection plan for the refurbished phones at the regular price of $69.

The news of the refurbished iPhones comes right on the heels of the announcement of a second iPhone lawsuit. Sydney Leung is seeking more than $5 million USD in damages from Apple over the cost and replacement of the iPhone's battery. The first lawsuit -- filed by Jose Trujillo in July -- made similar claims.

The price cut should be welcome news to potential buyers looking to get a deal on an iPhone. The full one-year warranty should be enough to entice many buyers who might otherwise be turned off by refurbished devices.

Now if Apple would only cut those tiresome iPhone commercials with the lullaby music...

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