Samsung is planning an Apple-style refurbished phone program

If you want to get your hands on cheaper Apple products, you can opt for the secondhand market on eBay, or you could go for an official refurbished device from the company itself. Not wanting to miss out on a trick, Samsung looks set to launch its own refurbished smartphone program.

Citing "a person with direct knowledge of the matter", Reuters says the program could launch as early as next year. With Samsung hardware selling for something of a premium -- particularly flagships like the Galaxy Note7 -- consumers are as keen to seek out a saving as Samsung is to ensure ongoing profit in an ever-competitive market.

Reuters reports that the handsets of those signing up for a one year upgrade program could be sold on in a bid to maintain profit margins. At the moment it is not clear how much of a discount Samsung might offer on refurbished handsets, and the company is yet to issue an official statement about the program.

As with Apple, any refurbishment program run by Samsung is likely to prove popular with people who are keen to get their hands on a premium brand, but find that they can't afford to buy the very latest handsets. For anyone who is willing to wait a year, the program will offer a cheaper jumping on point that benefits customers and Samsung alike.