I know that. I'm already losing the same amount on AppleCare because I get it anyway, as I said. If it's $100 more to get AppleCare+ and one new replacement, then it is worth the money. If the iPad has a completely new outside and everything internally is working, then by my definition it is "like new." Just go to one of those recycling sites for electronics. The price margin between a "perfect" device and a slightly scratched one is $200+. Additionally, the general population does not know when the new iPad is about to come out. Only we do, so if we sell our iPads right before the invitations for the press conference are sent out, we get the most money possible.
I don't get why you'd buy Applecare in the first place. Insurance is, by definition, a losing proposition for the consumer. But, regardless, it seems like a lot of trouble to conceivably make an extra, what, 50 bucks? (after the cost of insured replacement)