Rachel Metz of the Associated Press has performed an interesting experiment reselling an iPhone. After purchasing an iPhone, Metz put the unused phone for sale on eBay to see if the extreme demand would lead to a similarly extreme price. Amusingly–and somewhat surprisingly–the auction made it through the entire five days reaching only $665, which after PayPal, shipping, and insurance led to a net loss of about $40 on the 8GB model.

Suffice it to say, this hasn’t exactly turned into a PlayStation 3 situation, so don’t spend your college fund just yet.

Filed under: iPhone News