Refurbished...

20 years ago I had a computer monitor go bad while under warrantee.
I returned it to the manufacturer's repair center and rather than wait for the repair, I was offered a refurbished unit they could ship the same day.
Not knowing what refurbished meant (exactly) the manager said all their new monitors go through a 24 hour burn-in test. Unfortunately, a small percent fail in the field. Those are repaired and returned.
The refurbished units not only get repaired, they go through extensive testing to find out what caused the problem in the first place.

Electronic components usually have a manufacturer's tolerance of 10% on resistors and diodes that are allowed to pass their standards for specifications. In the chance too many components are close to being out of tolerance (yet still acceptable) other components in the circuitry may fail due to the tolerance.

Guitarists may test out a few different amplifiers and pick one that sounds better. While they are wired with parts that pass standards, there are some that all the parts are ideally 'on the money' and exactly in tolerance.

I took that monitor he offered and used it for many years until it was time for something larger.

I've been shopping for a cellphone. My phone is maxed out on the SD memory with more than 5,000 photos and videos. I do monthly backups and purge old photos no longer needed. It's roughly 4 or 5 years old and the battery won't make it a whole day.
New models are around $1,200 and one drawback to many is you cannot add/extend memory as they don't have a slot for SD memory.
Samsung is offering 'refreshed' models that are a few years old. They have been thoroughly checked out, new batteries installed and screens, cases replaced if they have signs of wear. The operating systems are updated, unlocked and serial number with ID's are all new. One year warranty (same as a new phone) included. Priced about half of a new phone.

Some of the other models have dropped off the sales page and no longer available. Rather than risk the model I want to disappear, I made the purchase and expected it to arrive in 10 days or less.

I'll be cloning my old phone to the new phone and a few hours of updating apps and passwords should get me into another phone for a few more years.