The current smartphone market has major players like Apple and Samsung who entice smartphone enthusiasts with their handsets. Apple released its sixth-generation iPhone 5 in September this year and a U.S. carrier has already started selling the refurbished handset for $99.

Just like the previous iterations of the iPhone family, the iPhone 5 became one of the most popular smartphones and sold like hot cakes. Major U.S. carriers also announced that they will offer the iPhone 5 just after Apple's official release.

According to an LA Times report, iFans who are still waiting to purchase the iPhone 5, and want to save $100, can buy the refurbished version of the 16GB version for $99 on a two-year contract from AT&T. Moreover, users also have the option to select the from either black or white.

However, it seems that high demand for the refurbished iPhone 5 has now pushed the prices up by $50, as AT&T's iPhone 5 refurbished web page is now advertising the refurbished iPhone 5 in 16/32/64 GB versions for $149/$249/$349, respectively. AT&T is selling the new 16/32/64 GB versions of the iPhone 5 for $100 more.

"We expect to see refurbished iPhone 5 deals arrive no sooner than in four months. Around that time, we predict that most models will receive a $50 price cut, with the 16GB checking in at around $150. So if you're waiting for a refurbished iPhone 5, you can set your reminders for around mid-January, just after Christmas 2012," reported Deal News.

Deal News also reported that it took just around two and a half months for the refurbished iPhone 4S to arrive, and around four months for the refurbished iPhone 4 to make its appearance in the market.

It is not known for how long AT&T will offer the refurbished iPhone 5 but it is good news for customers who want to buy a refurbished iPhone 5 at $100 less.

If you wish to buy an iPhone 5 would you purchase a refurbished iPhone 5 for $149, or pay an extra $50 and get a brand new iPhone 5 with AT&T on a two-year contract ?