Almost a year ago Best Buy introduced another program that helps set the Best Buy Mobile experience apart. That program is Buy Back. While Buy Back is available on many products throughout the store, there is an added bonus over here at Mobile. Instead of just getting money back for the product you buy, that money back is based on the unsubsidized price. In other words you are getting money back for money you aren’t even spending.
What’s the deal?
Let’s say you come in to pick up one of our many smartphones offered for free with a new two year contract (including eligible upgrades). That same phone could cost you $600 if you paid for it outright. With Buy Back you could get 50% back in the first six months (that’s $300). Even if you wait until 24 months after you pick up the phone to sell it back to us we will still give you 20% ($120). Buy Back on a smartphone like the one I just described will cost you $60 (only $30 if you are also getting the Geek Squad’s Black Tie Protection plan), which leaves you making a minimum of $60. That money comes back to you in the form of a Best Buy gift card you can use for anything in the store you want. Since you would be upgrading your phone and it might be free, you could use it to get Buy Back on your new phone.
All in the family
The plot thickens if you are on a family plan. Say you have one of your in-laws on the plan and they are eligible to upgrade but don’t need or want a new phone. Assuming you already used your own upgrade, you could swap their upgrade and use your Buy Back to get back 20, 30,40 or up to 50% of the full price you didn’t pay for that sweet new smartphone of yours. (Note: The phone being upgraded must be on the same receipt as your Buy Back purchase.)
Fight phone envy
Most of us will use this program during the 18 to 24 month period in which we get back the 20%, since most upgrades come up at 18 to 20 months of our contracts. (Our research shows that 70% of smartphone users love their phones for about 9 months before “phone envy” sets in.) This essentially pays us to take part in the program and gives us some extra loot during our upgrade to do with as we please. Keep in mind those figures are based on the phone being in good shape… but hey, that’s where the Geek Squad’s Black Tie Protection comes in. If your phone predates Buy Back you can still see what sort of value it has in the Trade-In program. So head on down to your local Best Buy Mobile and ask them to show you how the value breaks down on your favorite mobile device.