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In some (few?) cases it could be because there was something not quite right or outright defective with the device, and Apple presumably either tested or repaired it. In which case it may not be exactly equivalent to new.

They may not be "exactly equivalent to new" in some cases but they're pretty close and in some cases a safer bet than brand new. The new products only go through the standard quality check whereas the refurbs pass a more rigorous series of inspections.
 
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I’ve bought both and never personally had a problem with the refurbs I purchased. Actually I think I had more issues (albeit minor) with the new units. My spouse's 2016 MacBook was a refurb and is still going strong. I had a 2014 mini refurb that worked flawlessly for years and a 2013 MacBook Pro refurb I got for my sister that is still chugging along. My brand new 14-inch M1 Max MBP arrived with a small blemish out of the box. It’s hit or miss I think and doesn’t have anything to do with a refurb or not.

Edit: when I say refurb, I’m talking about only refurbs from Apple. I personally wouldn’t buy a refurb anywhere else.
 
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That's just not how things work.
I don’t know about the cable thing, the technician said it must be that when I showed it to him, the rest unfortunately is very true. I used the Mac for video editing while working for a local TV station and I honestly could have cried because it just got so slow and basically “corrupted” that I couldn’t even lock in, it would freez at any opportunity. Granted, this was with Mojave. It still runs like sht repaired and with Monterey though.
 
I don’t know about the cable thing, the technician said it must be that when I showed it to him, the rest unfortunately is very true. I used the Mac for video editing while working for a local TV station and I honestly could have cried because it just got so slow and basically “corrupted” that I couldn’t even lock in, it would freez at any opportunity. Granted, this was with Mojave. It still runs like sht repaired and with Monterey though.

That to me sounds like broken storage or maybe out of storage when it’s even before the login. A hardware component however can fail in any scenario and refurb is not really a guarantee that it will happen sooner.
 
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