‘Buy Back Program’ Announced by Best Buy, Debuts in January

News about Best Buy's special program that enables customers to redeem past purchases has surfaced more than a week ago. The recent official announcement came to no surprise, as the retailer revealed its Buy Back Program which offers customers the possibility to stay up to date with their gadgets.

The program is the result of more than one year of consumer research and most recently in a study conducted by Impulse Research Corporation.

According to the study, about 40% of consumers surveyed agreed that concerns about technology becoming outdated have likely prevented them, or would prevent them in the future, from purchasing products such as laptops, mobile phones, TVs, tablets and netbooks.

“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, chief executive officer 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,” added Dunn.

The Buy Back Program can be purchased along with a new device, with pricing based on the product category.

Obviously, the Buy Back Program is based on duration of product ownership:

- Redeem Buy Back within 6 months from purchase effective date, and get up to 50% of the purchase price;
- Redeem Buy Back after 6 months to 12 months from purchase effective date, and get up to 40%;
- Redeem Buy Back after 12 months to 18 months from purchase effective date and get up to 30%;
- Redeem Buy Back after 18 months to 24 from purchase effective date and get up to 20%;
- For TVs only, redeem Buy Back within 48 months from purchase effective date and get up to 10%.

The Program will begin to be offered later this month and is supposed to be retailed for $69.99 for laptops, netbooks and tablets and $59.99 for mobile phones.