The iPhone 16 Pro costs £899.00 new compared with £185.00 refurbished (no longer sold new) for the iPhone 12 Pro. Buying the iPhone 16 Pro refurbished instead of new saves £370.00. If you want Apple Intelligence support, USB-C charging and a larger 6.3" screen, the iPhone 16 Pro is the better choice. If value is your priority, the iPhone 12 Pro offers the stronger buy at a lower price point.