Minneapolis, MN—Best Buy launched its first-ever Buy Back program to help customers embrace new technology with greater confidence. Created for people who want to stay current with their gear but who are concerned about obsolescence, the program provides access to upgrades with the help of a Best Buy gift card from “buying back” past purchases.
Best Buy customers can now purchase the Buy Back program in-store or online when buying products in one of five categories, with pricing based on the product category: laptops, netbooks, tablets, post-paid mobile phones and televisions. For example, Buy Back protection for any laptop, netbook or tablet is $69.99. Best Buy will purchase the product anytime within two years for laptops, netbooks, tablets and post-paid mobile phones, and four years for TVs. Customers may receive up to 50% of the product’s original purchase price paid in the form of a Best Buy gift card if redeemed within six months of the effective date to purchase new products of their choice.
The company reported that the program appeal was validated by a year of extensive consumer research, and most recently in a study conducted by Impulse Research Corporation. In the study, 40% of consumers agreed that concerns about technology becoming outdated have likely prevented them, or would prevent them in the future, from purchasing products such as laptops, mobile phones, TVs, tablets and notebooks. The study also affirmed the appeal of a Buy Back-like program when deciding on where to shop for electronics gear in the coming year.
“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,” said Brian Dunn, CEO of Best Buy. “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.”
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. Unlike typical trade-in programs, customers don’t have to wait for repayment and can immediately apply money from their product redemption to the purchase of new products at any Best Buy or Best Buy Mobile store. A payment schedule is made available at the time of program purchase and is based on duration of product ownership, from six months of purchase up to 48 months, with consumers receiving from 10 to 50 percent of their original purchase price.
For instance, redeem your Buy Back within six months from purchase effective date, and get up to 50 percent of your purchase price; redeem your Buy Back after six 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; and for TVs only, redeem your Buy Back within 48 months from purchase effective date and get up to 10 percent.
“A program like Best Buy’s Buy Back should encourage higher consumption by early adopters and fast followers that are considering new technologies, because it gives them confidence that the electronic devices they have just purchased will have real value going forward,” said Stephen Baker, vice president of industry analysis for NPD Group.
Impulse also found that when purchasing personal electronics, 84 percent of consumers say it’s important to deal with a reputable company who will responsibly reuse and recycle their old products. Electronics redeemed through the Buy Back Program will be assessed by its built-in team of Geek Squad Agents and distributed among Best Buy’s aftermarket, trade-in and recycling programs. To learn more about the Buy Back Program and find the nearest Best Buy store, visit bestbuy.com.
