Yes, I think it is possible to buy a bunch of used or refurbished computer parts from eBay, Amazon, Craigslist, Friends, Family, 2nd hand stores,etc to build a cheap gaming PC which can play games at medium quality settings. Plus, there are a lot of companies which sell their old computers which has multi-core CPUs and 4GB of RAM, so sometimes, you just need to buy a 200 dollar or cheaper PCI Express video card to meet the system requirements for some newer games.
But, you need to make sure you buy the right CPU, and memory for your motherboard, and your power supply can handle the PCI-Express video card for your computer.
This is quite interesting actually...I think I like new parts better than refurbished/used parts. I don't like using used things, it's just like taking home food you ate at the restaurant for later or eating the same food from yesterday. I don't like it. It won't last as long as a new computer part...
I disagree, I got a few used computers and laptops from a family member and a computer recycling place, and the used computers I got still work after many years of constant use.
My current computer is a refurbished 2008 HP Dual Core Intel Core2Dou desktop, and it still works quite well to this day.
It probably won't last as long as new computer parts, but if the computer was properly refurbished, and maintained by the previous owner then it might last for many years.
If it comes with a 30-90 day warranty then it should be fine since I notice that PC parts which last the first few weeks tend to last a long time if you don't break them yourself by doing something dumb like using the wrong sized screws to fasten them to your case, stabbing them with a screw driver, or bending them with your hands to make them fit in ports which they are not designed to fit in.