Apple’s iPad Mini and fourth-generation iPad hit store shelves today. And despite the premium price of $329 in a sub-$200 market, the Mini has been performing well, drawing crowds and selling out supplies in New York City. However, while the members of the cult of Apple line up in the aftermath of Hurricane Sandy, CNET’s Rick Broida pointed out that Apple has now reduced the price of what most would now consider a relic: the iPad 2. Now available for the bargain refurbished price of just $319.

This is nothing to get too excited about, though. It’s typical for an old product to see its price slashed after new iterations are introduced. However, it’s important to remember that the iPad Mini has the same resolution (1024×768) and the same dual-core A5 processor as the iPad 2(which I previously mentioned in my round-up of the iPad Mini event last week). The models being compared are also the 16GB WiFi versions. The resolution being a bit sharper on the Mini’s 7.9-inch, as opposed to the iPad 2′s 9.7-inch screen is the only notable difference. That and the annoying new Lightning interface for connectivity on the Mini.

So what’s a potential iPad owner to do? It’s quite simple. If you’re looking to show off the fact that you have the gadget of the month, you should go for the Mini. If you’re a consumer unmotivated by vanity and love a good bargain, go with the refurbished iPad 2. After all, as Broida pointed out, the iPad 2 was considered new as recently as March (when the iPad 3 was released).

Image Source: Kelvin Tan