What is a refurbished product?  These are products that either failed the manufacturer's initial quality control programs or products that were returned to the manufacturer because of a problem. These tools are then disassembled and reworked, and if necessary defective parts are replaced.  The products then are given a complete checkout by quality technicians, before being repackaged for sale. These products carry a fully manufacturer's warranty, and the only difference between a brand new product and these, is that the refurbished tool may already have the knick and dings in place.  If these were pieces of furniture, it would be called distressed, and the price would go up not down!