It seems like Best Buy has some plans of its own starting early this year with news of a buy back program aimed at keeping users who constantly upgrade their smartphone off billing cycle, buying from Best Buy Mobile. As of right now, cell phone purchasers can opt into the cleverly named Buy Backprogram for $59.99 at the time of handset purchase. Between the first six months 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 at 40%, and months 19 to 25 at 20%. To provide an example of what was just mentioned, a phone with full retail-value of $599.99 can be exchanged between 32 days and 180 of ownership for $299.999, netting the customer $240 when factoring in the plan’s cost. The offer is likely to resonate well with some frequent upgraders who purchase new smartphones long before their two-year commitments have expired.

The Buy Backprogram will also be extending beyond mobile devices to cover a variety of other consumer electronics. Customers will also have the option to get a discount on the price of the Buy Backplan if they combine it with Best Buy’s Geek Squad protection offering as well. The program price is said to vary in accordance with the type of product covered. The program will be offering customers up to 50% of the purchase price on their laptops, netbooks, tablets, TVs, and mobile phones for two years. The company is positioning this internally as a way to continually lock in customers. For instance, “for every Buy Back plan sold, a future customer purchase is locked in.” The document also states “customers will come back to Best Buy when they are ready to upgrade,” and “customers tend to spend more than the amount of the gift cards they receive.” You can check out the gallery for full details below:

Best Buy has an equipment condition scale that can affect the price you’re given for your electronic device, and here is the break down for that:

• Good: everything is fully functional, and all parts and accessories are included. (minor scratches are OK). No change in Buy Back amount
• Poor: damaged device but can be reasonably refurbished, missing parts or accessories, significant wear and tear (deep scratches or dents, missing keyboard keys, missing charger) — 50% less of the guaranteed Buy Back amount.
• Substantially Impaired: non-functioning device and can’t be reasonably refurbished, missing most parts and accessories (cracked LCD screen, water damage, won’t turn on — no Buy Back amount issued, though Best Buy will give you free recycling and an environmental disposal.

So do any of you see yourselves using Best Buy’s program? Or do you think its not worth the hassle? Let us know your opinion in the comments below!

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[Sources: BGR (1) (2)]

Authors: _GadgetNews

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