Best Buy ‘Buy Back’ program is for compulsive early adopters

Best Buy is introducing a “Buy Back” program, so aptly named because the retailer will buy your gadgets back if and when you want to upgrade to something newer. Did you buy a hot new Android device three months ago only to feel a bit let down when a new one was announce just three weeks ago? Many of us knows how that feels, and Best Buy has our back.

BGR reports:

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%.

If you’re obsessively upgrading your phone every few months – or any other gadget, according to the anonymous source for this plan leak – this will undoubtedly save you a good chunk of cash. However, it’s also Best Buy’s gain to offer this incentive when you consider the costs. Not only will you be selling your device back for 50% or less after a month of purchase, but to opt into the program you’ll have to pay an initial fee of $59.99.

Let’s say you buy a device for $200, valued at $600 without a contract, and you pay the Buy Back fee – you’re walking out with your new handset for $260. Now say you come back three months later and you want a brand-spanking new device. Best Buy will take your phone back at 50% of its valued price – $300 – so you’ll have $300 to spend on a new device. At this point, you’re not eligible for an upgrade unless you open a new line, so you’re applying that to a whopping $500-600 new smartphone. Factor in your carrier plan costs over that course of time and the initial fee and you would have spent nearly a grand in just three months to satiate your gadget desire.

Details are scant, but from what I can gather, along with BGR’s report, it seems that that’s how it’s going to work out. At least it saves you the time and hassle of selling your new-ish toy on eBay or Craigslist.

[Via: BGR]

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