t doesn't seem like current prices are out of line (from Apple's point of view)
Mac Prices UK (United Kingdom) - Mac Original Prices: EveryMac.com
The original price in the UK (United Kingdom) for many PowerPC and Intel Apple Macs with specs a click away. EveryMac.com Global Mac Pricing.
everymac.com
ac mini "Core i7" 2.3 (Late 2012) £679 1 Mac mini "Core i7" 2.6 (Late 2012) £759
If I remember correctly it came with a 1TB hard drive. SSDs were not cheaply available at the time in large sizes (was the time of small SSD boot drives, fusion drives etc). I would have run it with the SSD boot drive that I took out of a G5 at the time (with the HDD for storage). To me a 2012 with HDD compares to a 2022 with a SSD from a pricing perspective. Most of the issue is apples pricing on SSD and RAM, which in the past you could circumvent not only by going 3rd party, but also by time-shifting (i.e. today a 1TB might be OK, tomorrow might upgrade to a 2TB that is now cheap). Over its life my 2012 has seen many drives. With no expansion you have to over spec today or be faced with a 'mini' with lots of drives hanging off it after a year or two
The base prices have remained very similar but now I am pushed to more than double the price of the machine just to get a moderate level of storage and RAM which I can buy third party for an order of magnitude less. (nearly 1k for a 2TB that costs 200 retail)
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