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Apple drops refurbished 16GB Wi-FI iPad 2 price to $349

After announcing its new Retina Display-toting iPad, Apple has dropped the price of the previous generation iPad 2 to as low as $349 in an apparent effort to turn over existing stock.

As Apple's website continues to be bombarded with an almost overwhelming amount of people clamoring to pre-order the latest iPad, the "Refurbished" section of the company's online storefront quietly revealed a significant price drop for the previous iteration of the tablet with prices starting at $349 for an entry-level 16GB Wi-Fi model.

The decrease in price, which took effect Wednesday morning following the third-generation iPad unveiling, reflects an extra 20 percent savings on the already discounted unit.

Before the special event, the online Apple Store's least expensive iPad 2 was a refurbished model which sold for $420, however that changed when the company announced it would continue to sell factory-new 16GB Wi-Fi and 3G-capable models of the second generation tablet at a heavily discounted price of $399. Interestingly, the refurbished 16GB Wi-Fi iPad 2 is $50 less than a refurbished 32GB first generation model.

Refurb iPad 2

The Apple Certified Refurbished iPads are tested and come with a one-year warranty, new battery and outer shell.

While availability fluctuates for refurbished products, there is currently a wide selection to choose from as all iPad 2 flavors are in stock save for units capable of connecting with Verizon's 3G network.