diff --git a/src/main/java/rx/internal/operators/OperatorReplay.java b/src/main/java/rx/internal/operators/OperatorReplay.java
index 7cec48cc25..84338b96f9 100644
--- a/src/main/java/rx/internal/operators/OperatorReplay.java
+++ b/src/main/java/rx/internal/operators/OperatorReplay.java
@@ -1005,6 +1005,16 @@ final void setFirst(Node n) {
             set(n);
         }
         
+        /**
+         * Returns the current head for initializing the replay location
+         * for a new subscriber.
+         * Override it to consider linked but outdated elements.
+         * @return the current head
+         */
+        Node getInitialHead() {
+            return get();
+        }
+        
         @Override
         public final void next(T value) {
             Object o = enterTransform(nl.next(value));
@@ -1049,7 +1059,7 @@ public final void replay(InnerProducer<T> output) {
                 
                 Node node = output.index();
                 if (node == null) {
-                    node = get();
+                    node = getInitialHead();
                     output.index = node;
                     
                     /*
@@ -1143,7 +1153,7 @@ void truncateFinal() {
             
         }
         /* test */ final  void collect(Collection<? super T> output) {
-            Node n = get();
+            Node n = getInitialHead();
             for (;;) {
                 Node next = n.get();
                 if (next != null) {
@@ -1219,6 +1229,20 @@ Object leaveTransform(Object value) {
             return ((Timestamped<?>)value).getValue();
         }
         
+        @Override
+        Node getInitialHead() {
+            long timeLimit = scheduler.now() - maxAgeInMillis;
+            Node prev = get();
+            
+            Node next = prev.get();
+            while (next != null && ((Timestamped<?>)next.value).getTimestampMillis() <= timeLimit) {
+                prev = next;
+                next = next.get();
+            }
+            
+            return prev;
+        }
+        
         @Override
         void truncate() {
             long timeLimit = scheduler.now() - maxAgeInMillis;
diff --git a/src/test/java/rx/internal/operators/OperatorReplayTest.java b/src/test/java/rx/internal/operators/OperatorReplayTest.java
index f8653f10bd..4d7f184951 100644
--- a/src/test/java/rx/internal/operators/OperatorReplayTest.java
+++ b/src/test/java/rx/internal/operators/OperatorReplayTest.java
@@ -193,7 +193,8 @@ public void testWindowedReplay() {
             InOrder inOrder = inOrder(observer1);
 
             co.subscribe(observer1);
-            inOrder.verify(observer1, times(1)).onNext(3);
+            // since onComplete is also delayed, value 3 becomes too old for replay.
+            inOrder.verify(observer1, never()).onNext(3);
 
             inOrder.verify(observer1, times(1)).onCompleted();
             inOrder.verifyNoMoreInteractions();
@@ -479,7 +480,8 @@ public void testWindowedReplayError() {
             InOrder inOrder = inOrder(observer1);
 
             co.subscribe(observer1);
-            inOrder.verify(observer1, times(1)).onNext(3);
+            // since onError is also delayed, value 3 becomes too old for replay.
+            inOrder.verify(observer1, never()).onNext(3);
 
             inOrder.verify(observer1, times(1)).onError(any(RuntimeException.class));
             inOrder.verifyNoMoreInteractions();
@@ -788,10 +790,16 @@ public void testTimedAndSizedTruncation() {
         buf.next(1);
         test.advanceTimeBy(1, TimeUnit.SECONDS);
         buf.next(2);
-        test.advanceTimeBy(1, TimeUnit.SECONDS);
+        // exact 1 second makes value 1 too old
+        test.advanceTimeBy(900, TimeUnit.MILLISECONDS);
         buf.collect(values);
         Assert.assertEquals(Arrays.asList(1, 2), values);
 
+        values.clear();
+        test.advanceTimeBy(100, TimeUnit.MILLISECONDS);
+        buf.collect(values);
+        Assert.assertEquals(Arrays.asList(2), values);
+
         buf.next(3);
         buf.next(4);
         values.clear();
@@ -1257,4 +1265,36 @@ public void testSubscribersComeAndGoAtRequestBoundaries2() {
         ts3.assertValues(2, 3, 4, 5, 6, 7, 8, 9, 10);
         ts3.assertCompleted();
     }
+    
+    @Test
+    public void dontReplayOldValues() {
+        
+        PublishSubject<Integer> ps = PublishSubject.create();
+        
+        TestScheduler scheduler = new TestScheduler();
+        
+        ConnectableObservable<Integer> co = ps.replay(1, TimeUnit.SECONDS, scheduler);
+        
+        co.subscribe(); // make sure replay runs in unbounded mode
+        
+        co.connect();
+        
+        ps.onNext(1);
+        
+        scheduler.advanceTimeBy(1, TimeUnit.SECONDS);
+        
+        ps.onNext(2);
+
+        scheduler.advanceTimeBy(500, TimeUnit.MILLISECONDS);
+        
+        ps.onNext(3);
+
+        scheduler.advanceTimeBy(500, TimeUnit.MILLISECONDS);
+        
+        TestSubscriber<Integer> ts = TestSubscriber.create();
+        
+        co.subscribe(ts);
+        
+        ts.assertValue(3);
+    }
 }
\ No newline at end of file