Beginning this month, Best Buy customers can purchase the Buy Back Program in-store or online when buying products in one of five popular categories: laptops, netbooks, tablets, post-paid mobile phones, and televisions. The price of the Buy Back Program is based on the product category (for example, $70 for laptops, netbooks, and tablets and $60 for mobile phones). The fact that the retailer is charging the customer to use the program is a mistake, in our opinion.
Best Buy customers may purchase the Buy Back Program when buying a new product and redeem it at a later time, as long as the device is in good working condition and includes all original parts. Customers can immediately apply money from their Buy Back product redemption to the purchase of new products at any Best Buy or Best Buy Mobile store, using a schedule based on duration of product ownership:
- Redeem your Buy Back within 6 months from purchase effective date, and get up to 50 percent of your purchase price
- Redeem your Buy Back after 6 months to 12 months from purchase effective date, and get up to 40 percent
- Redeem your Buy Back after 12 months to 18 months from purchase effective date and get up to 30 percent
- Redeem your Buy Back after 18 months to 24 from purchase effective date and get up to 20 percent
- For TVs only, redeem your Buy Back within 48 months from purchase effective date and get up to 10 percent
Best Buy is hoping the program will encourage higher consumption from early adopters of new technologies. At the same time, electronics redeemed through the Buy Back Program will be assessed by the company's Geek Squad Agents and distributed among Best Buy's aftermarket, trade-in, and recycling programs.
"We recognize that technology is changing faster than ever, and our customers tell us they want to enjoy these devices without worrying about when the next or newest version will launch," Brian Dunn, chief executive officer of Best Buy, said in a statement. "We call this ‘future-proofing' because our customers can now have more confidence that they're protecting the value of the products they're purchasing today. With the Buy Back Program, consumers benefit from assurance, convenience and transparency so they can stay current and stay connected."