This question seems to come up regularly.
First of all, I would never buy a "refurbished" anything. My experience with this has not been good. Most are refurbished because they've been returned to the store so can't be sold as new. They've been returned for a reason!
Secondly, I'd rather spend the $100 on fabric!
Third, my $10 Walmart special is the best iron I've ever had. And at that price, if I have to replace it once a year even (due to calcium deposits from our water) so what?
IMHO