Best Buy's new "Buy Back" program makes upgrading off-contract easier [UPDATED]Alex Wagner - Deputy Managing Editor, News Desk
As mobile tech enthusiasts, many of us are always looking to upgrade to the latest and greatest hardware, but that can be tough to do considering the blistering pace that new products are released and how much they can cost off-contract. According to a new leak, Best Buy is planning to make it easier to move up to new handsets with their "Buy Back" program. After paying $60 on top of a phone purchase, customers will have the option of selling the device back to BBY for a certain percentage of its retail price. Trading in your phone within the first 6 months of ownership will net you 50 percent of the retail price, waiting until some time between months 6 and 12 will get you 40 percent back, a trade-in between months 12 and 18 gets 30 percent, and finally, selling the phone to BBY between months 19 and 25 will bring a 20 percent return.
There's no word on exactly when the Buy Back program is going to kick off, but it if this leak is any indication, it should be a nice alternative to eBay and Craigslist for users that find themselves constantly switching phones. You may not be able to get as much back from Best Buy as you would from selling online in some cases, but it's definitely a safe option that will guarantee you a set amount of cash for your phone. So, how many of you could see yourselves taking advantage of the Buy Back program?
UPDATE: More details about Buy Back have leaked out. The program will kick off on January 5th and include laptops, netbooks, tablets, and TVs up to $5,000, with more product categories coming in fiscal year 2012. Unsurprisingly, Best Buy will be handing out gift cards when you sell them back your electronics, so don't go in their hoping to get cash for your devices.