Feb 08 AT 12:19 AM Taylor Wimberly 15 Comments

Best Buy’s new Buy Back Program is an early adopter’s best friend, free for limited time only

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:

  1. Purchase the Buy Back Program along with your new product (free for a limited time only, February 26th).
  2. Bring the product back in good, working condition with all originally included accessories when you’re ready for something new.
  3. 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!”

Via: Best Buy Mobile

Source: Best Buy

Taylor is the founder of Android and Me. He resides in Dallas and carries the Samsung Galaxy S 4 and HTC One as his daily devices. Ask him a question on Twitter or Google+ and he is likely to respond. | Ethics statement

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  • http://Website Mark

    I love how today has been marked by great news but marred with poor choice in celebrity spokespeople. First, Frakenstein and now Dweeber…

  • http://Website Phil

    Am I the only person that thinks this is kind of a sham? I mean, it guarantees that BB gets 70 dollars from you up front, with the possibility you’ll throw more money at them 6 months later.

    Solution; Phone with 1 year contract only costs 270 and then you dont have to spend the $300+ on a new phone. You get the upgrade price after a year…? Oh and carriers throw a lot of crazy deals at you when you’re contract is almost up, so the consumer wins.

    • http://Website R.S.

      Of course it’s a scam but it’s a good one (for BestBuy) and people will fall for it. Most people either won’t care or won’t realize that they’ll practically be paying Besbuy to sell them new phones every couple of months. They will just see what’s in front of them, a gift card (possibly worth more than what they originally paid) to put towards the latest and greatest.

  • http://Website Dags

    Of course if you include the cost of the Buy Back program in the calculations, she’s getting $220 for a 6-month old Evo (or 36% of the purchase price). You’d have to really hate eBay/Craiglist to accept that.

  • Drew

    Or she could root her EVO and make a pretty penny off of it.

    Though I do have to say, iPhone users luck out the best from reselling on their own. There are so many idiots in the world who will pay premium (and I mean premium) for an iPhone because it has been jailbroken and unlocked (stuff they could’ve done themselves!). You gotta love people.

  • http://Website Darwin

    BuyBack on phones with a retail price of over $350 is actually $59.99 and only $30 if you have Best Buys Black Tie Protection on your phone. There is no $79.99 so I’m not sure where that came from.

  • http://Website Koobs

    Darwin is right, the buy back program on phones is only $59.99 and packages out to 39.99 when the customer purchases the Geek Squad Black Tie protection.

    But what from what I can see most of you have neglected the fact that the program is FREE until the 26th (an the 12th for every other product in the store). Meaning you don’t have to purchase the GSBT in order to reduce the price of the program.

    I should know, I work in Best Buy Mobile.
    (and my entire store hated the Superbowl commercial lol)

    • http://Website Koobs

      $30 not 39, my bad

  • http://Website Nah

    Like so many things, it sounds good at first… but Best Buy would never pay for something they couldn’t sell with a handsome margin, which is where the consumer loses.
    In cases like this, consumer to consumer sales will always be the best route financially, which is why eBay is.. well, eBay.

  • http://Website jimbot

    Free offer effective 2/6-2/12/11.

  • http://Website Greg

    This is not worthy of being on an Android blog. Lame.

  • http://www.seeyouinmynightmares.com KING_KG

    Definitely not doing this.

  • http://Website Chris

    As an early adopter I depend on Craigslist to sell my phones. I get nervous if I keep a phone too long so I try to sell it before it looses much value. I never loose much money when switching phones never more than $100 and most often $50. In some cases when I utilize an upgrade I make a little. For instance I bought my G2 for $250 with $50 rebate. Then I traded it 2 weeks ago for an unlocked iphone 4 with a cracked back glass. The guy gave me $60 cash to fix the glass. I brought it the mac store and fix it for $29. Then I turned around and sold the iphone for $500 within a couple days and bought a Nexus S. I know I didn’t really make any money because of the contract but I didn’t spend any out of pocket for a new Nexus S.

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