Apple today has added refurbished iPhone 7 and iPhone 7 Plus models to its online store for the first time in the United States.

But while there are iPhone 7s for three storage capacities the price is ridiculous for a second hand elderly phone. The prices are 32GB for $499, 128GB for $589, and 256GB for $679, reflecting savings of 10 percent off Apple's current prices for brand new models.

iPhone 7 Plus models with 32GB cost $599 or 128GB cost $689 - all with10 percent off. There are no 256GB models in stock.

To put Apple’s pricing in perspective, a second hand iPhone iPhone 7 and iPhone 7 Plus models, start at $299 and $349 respectively.

Apple says that all refurbished iPhone models are thoroughly inspected, tested, cleaned, and repackaged with a new white box and all manuals and accessories.

Apple also installs a new battery and replaces the outer shell, and claims it is nearly impossible to distinguish between a refurbished and a brand new iPhone.