Mobile technology is moving faster than ever and customers often struggle with the decision to pull the trigger on a new device purchase. Smartphone cycles have shortened to around six months and new products are being announced every other week that make your recently-purchased phone look dated.
Thankfully Best Buy is an early adopter’s best friend and their new Buy Back Program allows you to “future-proof your technology.” Now you can buy a new device anytime you want and then when you are ready to upgrade just sell it back to Best Buy to receive credit for a future purchase.
The Buy Back Program is as simple as three steps:
- Purchase the Buy Back Program along with your new product (free for a limited time only, February 26th).
- Bring the product back in good, working condition with all originally included accessories when you’re ready for something new.
- Receive a Best Buy gift card for the product’s redemption value.
The value that you receive on your used device is determined by the product’s age. A mobile phone sold back during the first six month’s will net you 50%, 6-12 months gets you 40%, 12-18 months returns 30%, and 18-24 months will earn you 20%.
An added benefit to smartphone buyers is that Best Buy calculates your buy back credit based on the original suggested retail price, not the subsidized price you paid. This means that if you received a new phone for $199 with 2-year contract and it was valued at $599, Best Buy will value your Buy Back at the $599 retail price.
It’s true you could probably get a higher return on your investment if you sold your used gadget on eBay or Craigslist, but Best Buy’s program offers assurance (they’ll buy your product back regardless of supply and demand), transparency (you know exactly what how much your product is worth), and convenience (in-store redemption and instant gift card).
When I worked at the now-defunct CompUSA we offered a similar program called the Technology Assurance Plan and I always wished more retailers would adopt something similar. Best Buy’s Buy Back is exactly the type of program I have been looking for
An example Buy Back scenario from the Best Buy blog: “Let’s give an example of how the new Buy Back Program changes all that. Take an average customer. We’ll call her, oh, let’s say… Melissa! Melissa is an avid early adopter of technology. In August 2010, she shelled out $200 for the HTC EVO with a qualified upgrade. This is a top of the line product, but she’s now thinking, “Wouldn’t it be even better to have a keyboard and a super AMOLED screen?” She’s got her eye on the Samsung Epic — which she would have to purchase at $600 outright, since she is no longer eligible for an upgrade. Burn.
Now imagine Melissa had Buy Back in her life. She gladly pays the $79.99 for Buy Back coverage, because the full market value of her EVO at the time was $600. If she decides to use Buy Back for an upgrade after owning the EVO for six months, all she has to do is bring in her phone in fully functional condition and she’ll get $300 back towards a purchase. This means Melissa could easily own that Samsung Epic for only $300 more out of pocket. What a steal!”