Everyone likes a bargain. Why else would market stalls still be operating in an age where most shopping can be done over the internet and delivered straight to your door? Yet for every legitimate trader there are sure to be dozens selling knock-off items at suspiciously low prices - and it's the same when buying a refurbished Blu-ray player online.

So what does 'refurbished' actually mean? Well usually it applies to an electronic product - in this case a Blu-ray player or PS3 - that's been sent back to the manufacturer because A) it was faulty or B) the buyer simply changed their mind, (the colour wasn't to their liking, for example). In the latter situation there's nothing wrong with the product per se but it automatically loses some of its value the moment the manufacturer refurbishes (or 'refreshes') the product for immediate resale. Since refurbished items can't legally be advertised as new, the manufacturer is obliged to tell potential buyers of its refurbished status and the price will be set lower than normal to reflect this.

Even the most thoughtful of gifts could provide a nasty surprise

Some sellers do offer a limited warranty but many don't, so the danger of buying from an unproven site you've come across online is that when something goes wrong with the player you won't have a leg to stand on when asking for a refund. Your player may have been fixed by an expert or, more likely, fiddled with by an amateur trying to make a quick buck. Another factor to consider is the aesthetic value since 'refreshed' players may have surface damage such as scratches or dents. These may not affect the everyday function of the machine in any way and are purely cosmetic but it's still something to think about, particularly if you're enticed by the low price and buy without reading the small print. If you bought the player as a present, for example, you could be disappointed with the 'used' look of it.

Since most Blu-ray players rely on an internet connection to update firmware, a tampered-with player may be rendered unusable if the host senses foul play, just like gamers are locked out of download sites if caught trying to bypass security. This form of encryption on Blu-ray is called AACS (Advanced Access Content System) and though it can be circumvented by certain people, regular system updates mean hackers can be tracked, identified and their decryption keys revoked. Meanwhile older, cheaper Blu-ray players may not necessarily be equipped with the latest firmware and, if they're hacked, it's unlikely they'll be able to access online content through BD-Live. So basically you might not be able to play new Blu-ray discs as they often rely on the internet to decrypt it for playback. Again, it's worth checking the fine print before you buy because a player with no internet access is severely limited in the films it can actually play.

While the majority of Blu-ray discs are region-free, it would be a mistake to buy, say, an imported PS3 just because it worked out cheaper than a UK one. Why? Because certain discs are still region locked and you'd also be limited in what other media you could view on it (for example, an American PS3 will play region-free Blu-ray movies yet wouldn't be able to play your regular English DVDs). Finally, the falling price of Blu-ray players (you can get a decent Sony/Samsung for about £130 while the Philips BDP3000 is down to £99.99) means there really isn't much call to go down the refurb route in the first place. At the end of the day it's a question of risk. Are you willing to shell out for a what seems like bargain - like a PS3 with several movies included to sweeten the deal - that could potentially go kaput at any moment, or is it better just to buy a brand new player from an established seller? The question answers itself, wouldn't you say?