I completely understand the economics of apple.  Products under demand can request higher prices.  Well, if your like me, and a little cash strapped, you can buy a refurbished version of your favorite apple product.  Here’s some of the tips and info regarding apples refurbishment program and some places you can score really great deals on refurbished products!

iRefurbia.com has a section where you can buy refurbished Macs, as well as refurbished iPads, iPods, and other Apple products from your favorite suppliers. (iRefurbia lists the best prices every day.) Apple refurbishes everything, from laptop computers to Mac minis to iMacs with giant 27-inch monitors. Some of the machines are pre-owned, while others were returned to the company because of technical defects. But all of them share two characteristics in common: They’ve been buffed, restored, and repackaged to meet Apple’s exacting standards. And they’re cheaper—sometimes a lot cheaper—than buying new. Up to 75% cheaper. A resent listing on iRefurbia touted a refurbished Mac G5 for $206.00. Wow.

Here are some answers to frequently asked questions about buying a refurbished Mac.

What is a refurbished Mac?

The category includes both pre-owned Macs and those returned for defects, although only “some units” have been returned for technical issues. Before re-selling to the public, Apple cleans the machine, replaces any defective or sub-standard parts, re-installs software that originally shipped with the unit, tests the Mac for quality-control issues, then repackages it with fresh cables and a user’s manual. The company even stamps the machine with a new serial number.

Apple says all refurbished Macs meet the company’s Finished Goods testing procedures—which means that the machine you buy should be up to the same technical snuff as the exact same unit purchased brand-new. They then sell these products to suppliers at extreme discounts and pass the savings on to you.

What’s the selection like?

The inventory is ever-shifting; your best deal is to find a site that compares prices and updates daily to see what’s out there. Most of the new apple products are available as a refurbished model, everything from iPad 2’s to iPod Touches, and iMacs and Macbooks in between. The selection also can be slightly older—with a number of units dating from 2010, and just a few from 2009; none were older than that. There were also a number of units dating from February and May of 2011, including current models of MacBook Pro and iMac.

The inventory of refurbished apple products varies from day to day, if you want to keep up on it, follow a price monitor like iRefurbia.com.

How does the pricing work? How do you save?

Apple doesn’t have its pricing guidelines open to the public, but a survey of its inventory of refurbished Macs yields one general insight: If you want to save more money, you’ll have to buy an older model.

Generally speaking, savings on Apple’s Macs appear to range from 11 to 16 percent off the unit’s original price. But there are some bigger deals to be had: iRefurbia.com listed a refurbished 21.5-inch iMac from July 2010 was recently listed for $675.00—more than 55 percent off the original list price of $1499. A 13-inch MacBook Air from 2010 was recently listed at $757, also a savings of 45 percent.

What kind of warranty comes with a refurbished unit? Is AppleCare available?

All the refurbished Macs come with a one-year limited warranty from Apple. Also ipod and itouch also come with a limited warranty. AppleCare is available—for up to three years, same as with brand-new machines.

Why would you buy a refurbished unit over a new machine?

Not everybody will want to buy refurbished apple products; many apple fans want the newest and latest item. In a few cases—particularly where professional video editors are concerned—the newer macs have technology that isn’t quite available in refurbished machines.

For everybody else, though, refurbished machines offer a great advantage. For students to first time apple buyers, it allows you to have the technology at a greatly discounted rate. Refurbished machines offer the same reliability and ease-of-use as a brand-new Mac—with the same available protections—but with a lower price tag. What’s not to like?

“It’s a great way for somebody to purchase a reliable computer without spending an arm and a leg,” said John Remminett, a spokesperson for iRefurbia.com “People should know they’re getting a reliable machine.”