AT&T announced late Friday via Twitter that it is selling refurbished iPhones for as low as $49.
The 8GB iPhone 3G is available at this price while supplies last at ATT.com.
A quick cross-country glance via the iPhone 3GS availability tool showed us that the 3GS is in stock at most Apple stores, so AT&T may be doing this to clear out inventory of the older model. It probably won't take long for this to happen since the $49 price is going to be hard to pass up for most people.
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