Update (10/21 11:30am): Prices are fluctuating. Check eBay for latest rates.

Update (10/20 1:15pm): Prices across the board have dropped: 16GB $329.99, 32GB $359.99, 64GB $389.99

Update (10/20 7:45am): coupon code has expired, but $399 for an unlocked iPhone 5 is still a great price.

Apple’s “unofficial” eBay Store is still going strong and the release of iPhone 6 has sparked new price drops on previous generation iPhones.

A factory unlocked manufacturer refurbished iPhone 5 now starts at just $399 and includes a full one year Apple warranty, is repackaged with manual and charger, and has been returned to like-new condition. Furthermore, the “final quality inspection [is performed] by Apple.” Enter redemption code CELL20SAVE during checkout and you’ll save an additional $20 on each model. That drops the price of a 16GB model down to $379 shipped.

As a pricing comparison, Apple is currently charging $450 for an unlocked iPhone 5c (essentially the same phone) with half as much storage. After surveying completed listings on eBay, most pre-owned iPhone 5 units sell for anywhere between $300-$400, but keep in mind those aren’t refurbished by Apple and generally do not include a warranty or any accessories.

Today’s coupon code also drops the 32GB iPhone 5 to $389 and the 64GB iPhone 5 to $399. All of these variations are Apple refurbished, include a one year warranty, and are eligible to be shipped to dozens of different countries: expand full story