Best Buy Offers Electronic Buy Back Program; Competing with eBay and Craigslist

Best Buy is looking to take old — but not too old — technology off of customers’ hands. The electronics behemoth has launched a buy back program, offering up to 50% of the original price for certain merchandise.

One of the benefits of this program for smartphone users is that their devices will be bought back for their unsubsidized price. For example, if a user buys a Motorola Droid Pro, with a Verizon service contract this product costs $180. However, the return value will be calculated from its full retail cost of $480.

Cut to the Chase
The list of clauses and specifications in this program are lengthy, and can be found on this retailer's website. For those with a little less time on their hands, here are the highlights:

• Payment comes in the form of a Best Buy gift card
• Buy back products must include all original accessories, as well as an original receipt of purchase
• Products must have been purchased at Best Buy, and customers must also purchase the 'buy back' plan when they purchase the product (Best Buy says that this plan purchase will also be paid back if/when the customer sells the product back)
• People with broken devices need not apply
• Best Buy promises to remove personal data from devices where such a removal would be relevant
• Prices are non-negotiable

And here’s the breakdown of payment, depending on when the device is being returned and its condition at that time: