Refurbished vs New

When I was a kid in the seventies, I used to plug my electric guitar into the "aux input" of an old KLH phonograph, just like this one. For some reason, the name just stuck with me through the years. lol

http://www.radiomuseum.org/images/radio/klh_r_d_co_cambridge/eleven_497099.jpg

The term "refurbished" essentially means that the unit is used, but the original manufacturer has done a basic system check on the unit and declared it "fully functional".  They usually give a standard warranty (sometimes less time than new). (for example, Emotiva has 5 year warranty on new, but on used/refurbished/warehouse-seconds, they only give a 1 year warranty).  So it will have to be up to you to decide if this "used" pricing is acceptable (just like buying it on the used market, but with a little bit of warranty insurance).

If it's on Amazon, be very careful on the details of the listing.  I do see one Arcam UDP411 on Amazon, but underneath the title/pricing/availability, I see "Ships and sold by Sound Seller".  In this situation, Sound Seller is just using Amazon as a marketing website.  You will have to really verify if the actual seller is a certified Arcam dealer.  Most of the time, the actual seller address/location is not even available on the Amazon website under the vendor details page.