I had a temporary job doing exactly this. Could not understand how it all worked. Mainly why they did this in Australia with such high labor costs. Another reason is that Apple loves to control everything they can, including the 2nd hand market. 

Goods_and_Gadgets

I was never a big trade in guy. I always like to just buy a new phone and keep my old one just incase I needed a back up or someone needed within my social circle.

But now I understand the economics behind the trade in market and why it’s pumped so hard. 

I have purchased refurbished phones in the past and been very happy with them. 