Best Buy’s new Buy Back Program has been getting a lot of buzz lately. When you buy a product from Best Buy and purchase the Buy Back Program ($69.99 – $299.99), you can return it within a certain amount of time and percentage of its value as cash back via a Best Buy gift card. It’s basically a trade-in program that you pay for. Here’s a video that explains how it works.
What products are eligible for the Buy Back Program?
Mobile phones, laptops, netbooks, tablets, and TVs up to $5,000.
How much does it cost?
|PRODUCT||PRODUCT PRICE||BUY BACK PROGRAM PRICE|
|Laptops and Netbooks||All||$69.99|
|Mobile Phones||$349.99 or less||$39.99|
|Mobile Phones||$350 and more||$59.99|
|TVs||$499.99 or less||$59.99|
What is the trade-in value?
- 50% for up to 6 months
- 40% for 6 – 12 months
- 30% for 12 – 18 months
- 20% for 18 – 24 months
- 10% for 24 – 48 months (TVs only)
Where do you return your item for the Buy Back Program?
You can return it to any Best Buy store.
What are the pros?
This program is great for those who like the latest and greatest in technology and for those who are early adopters of the newest hi-tech gadgets or phones. If you aren’t one to sell your used gadgets on Craigslist or eBay, then this is worth it.
The process is easy. You can walk into any Best Buy store to trade-in your product.
For mobile phones, the Best Buy Buy Back Program bases the buy back value on the retail price of the phone. Mobile phones are subsidized by cell phone carriers. For example, a $600 phone only costs you $200. When you bring in your mobile phone, the buy back value will be based on $600, not $200, for the phone.
What are the cons?
You can get more for used tech gadgets by selling them yourself.
You must have all the included accessories and original receipt when you trade-in.
The product must be in good condition to receive full Buy Back value. Geek Squad will run a diagnostic on the product before determining the Buy Back price.
You only get a Best Buy gift card, not cash. Therefore you’re “on the hook” to buy another item from Best Buy and start this process again.
You have to pay to participate in the Buy Back Program.