Best Buy officially announced the launch of an in-store "Buy Back" program starting in January at Best Buy locations throughout the country.
Though Best Buy already offers trade-in options for games, musical instruments, and select electronics though its website, the trade-in value varies based on several conditions, and there is no guaranteed redemption value or predictor available prior to actually logging into the Best Buy estimator.The new program is aimed at the serial upgraders who constantly want to upgrade to the newest device, especially within the smart phone market. Though the Buy Back program is not free to join (there is a one-time fee of up to $69.99 per upgradable device), pending a "good" condition of the product, there is a set guaranteed payback for turn-ins.
Until six months after purchase: receive 50% of retail back
6-12 months after purchase: receive 40% of retail back
12-18 months after purchase: receive 30% of retail back
19-25 months after purchase: receive 20% of retail back
Early adopters of the latest tech devices have typically turned to Craigslist and Ebay to unload their slightly used, "old" devices, but there is always a gamble of how much a seller can get in return for their product. Though there is an upfront cost and the "money back" is in the form of a Best Buy gift card, the program does provide a sense of financial security when considering into product upgrades.
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