Tuesday, January 11, 2011

Best Buy Wants to Buy Back Your Old Gadgets

Logo of Best Buy, US-based retail chainImage via Wikipedia
Electronic retailer Best Buy wants your old electronics. As long as you bought them from them. Starting last week the program is aimed at consumers that love to get the latest new electronic gadgets. By paying up to $59.99 when purchasing the new device, Best Buy will buy back the gadget for up to 2 years. But remember your not getting back full price, just a percentage of full price depending on how old the unit is.

It seems like technology changes every six months. The newest phone or gadgets can change many times per year. That's where Best Buy comes in. Here's how it works. If you bring back your device within 6 months Best Buy will give you 50 % of the purchase price. If the gadget is 6 to 12 months old then you will get 40% back. If it's 12 to 18 months old then you will receive 30% back and if it is 18 to 24 months old you get 10% back.

The Best Buy Back Program is said to include phones, computers, laptops, netbooks, tablets and most TVs.

For those that frequently upgrade this is good news. If you don't have time to resell your items when you upgrade, then this is for you. But maybe it would be better to sell your electronics on Ebay or Craigslist.

From practical standpoint are you really going to trade your phone or TV in after 6 months. Why would you? After laying down $600 for the latest laptop, would you bring it back to Best Buy in 6 months and receive $300 back. To buy another $600 laptop. You know the money back you are getting will probably be in Best Buy gift cards and not cash. Don't forget the $59.99 charge for this service.

What if it were a year later you brought back your laptop. Then you would receive $240 for that 1 year old laptop. I believe you could get more for it on Ebay or craigslist. What if you bought a Ipad and at the end of 2 years they would give you back $50 dollars. I think you could sell it for more than that.

Best Buy had to come up with something new to keep in the forefront of being the largest brick and mortar electronic retailer. They state they will have a huge presence on the forth coming Super Bowl TV advertising. With all the online competition, they must be struggling. They could be following in the footsteps of Circuit City. But for the compulsive gadget buyer this could make sense.


2 comments:

  1. Not the smartest thing to do, but I won't be surprised if this is a big hit!

    Same way, It always beats me why people lease cars!

    ReplyDelete
  2. It is smart way for Best Buy to increase inventory turnover and up their profits. As a consumer you are usually better off buying something and using it until it becomes obsolete rather than chasing the latest whiz-bang gadget.

    ReplyDelete

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