Why the iphone 5s is more expensive on ebay than in the apple store?

I'm not complaining or anything just want to understand why would anyone buy it on ebay or what could be the reason why it is more expensive on ebay. Usually it is the other way around and on ebay you can get better deal but seems like when it comes to iphone 5s it is not the case. But why?

Normally the stock runs out quickly and its very difficult to get hold of one for a period of time.

Shouldn't buy a phone from Amazon, Ebay, Craigslist, ect. Always, go to your local electronic stores or buy it directly from your carrier.

The phones being sold on the Apple site require a contract to get that lower price. Possibly the phones on ebay are non contract so they will cost more.

The eBay prices you are seeing are not subsidized, as in no discounts, vs the Apple Store prices which I'm assuming are the $199, 299, 399 which are carrier subsidized, hence cheaper.

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