Vodafone has announced Nearly New, a scheme to allow those without bundles of cash to get some of the best smartphones out there without breaking the bank. It offers reduced monthly fees or one-off pay-as-you-go payments for pre-owned handsets.

Phones such as the Samsung Galaxy S III, HTC One X and the iPhone 4 are all available on Nearly New, with the former device available free on a monthly plan costing £33 a month with unlimited calls and texts. An equivalent brand new phone would cost £37 a month.

Read: Samsung Galaxy S III review

PAYG customers can get a pre-owned 8GB iPhone 4 for £250, in comparison to a brand new model costing £405 from Vodafone.

All pay-as-you-go Nearly New handsets come with a 12-month warranty, while the pay monthly pre-owned devices come with 24-month warranties.

Vodafone describes Nearly New handsets as "phones that have been returned in very good condition by Vodafone customers. All phones go through a strict series of checks and processes (including a full security wipe) before being placed on the scheme and are re-boxed with all the right accessories."

Shame Walmart didn't follow the same practice with a pre-owned Nintendo 3DS XL received by a boy for Christmas, only to find that it was just a box full of rocks.