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Details of Best Buy’s new ‘Buy Back’ program revealed

January 3rd, 2011 at 10:17 AM

It looks as though retail giant Best Buy is planning to launch a new buy back program aimed at keeping users who uncontrollably constantly upgrade their smartphones off-cycle, buying from Best Buy Mobile. At this point, details are scarce. But from what we can gather, cell phone purchasers can opt into the cleverly named Buy Back program for $59.99 at the time of handset purchase. Between months 1 and 6 of handset ownership, users can then trade-in their device to Best Buy Mobile for 50% of the phones full retail value. Between months 6 and 12 the device can be turned in for 40% of its original value; months 12 to 18, 40%; and months 19 to 25, 20%. In the example above, a phone with a full-retail value of $599.99 can be exchanged, between days 32 and 180 of ownership, for $299.99 — netting the customer $240 when factoring in the plan’s cost. The offering will certainly resonate well with some frequent upgraders who purchase new smartphones long before their two-year commitments have expired. What do you think of the Buy Back program? Does it make you any more likely to pickup your next handset from Best Buy?

UPDATE: We’re being told that the Buy Back program will extend beyond mobile devices to cover a variety of other consumer electronics. A source also tells us that customers will get a discount on the price of the Buy Back plan if they combine it with Best Buy’s Geek Squad protection offering as well; the Buy Back program price will vary in accordance with the type of product covered.

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