Years ago, when we bought products, we expected that they would last for at least a year, maybe two. Depending on what you bought, you may have actually expected it to last you for three years. Now-a-days, that isn’t the case anymore. Technology is evolving faster than ever and products are becoming obsolete faster. Specifically cellular phones and personal computers. If you’ve purchased a new phone in the last two years, chances are, it’s already been replaced by your carrier of choice. Same goes with computers. If you’ve purchased a laptop or desktop PC, chances are, it’s been replaced by the manufacturers with something smaller, better, and faster.
Best Buy is taking an awesome initiative to help cure consumer worry about items becoming obsolete shortly after purchase with their new “Buy Back” program. Customers will have the choice to opt-in to the program at the time of purchase. Currently, cellular phones, TVs, laptops, and tablets with an MSRP below $5,000 are the only items that will qualify for the program. The only price available at the moment ties to the cell phone program, and that will cost you $59.99 at the time of purchase.
The Buy Back program will be the strongest during the first 6 months of product ownership. During that time, the customer may sell their product back to Best Buy for 50% of its original retail price. As time goes on, that percentage will fall. For instance, during the 6-12 month period, the 50% will drop to 40%; 12-18 months 30%; 18-24 months 20%; and 10% for third and fourth years.
All buy backs will be issued in the form of a Best Buy gift card. The company plans to start rolling out commercial and print media advertisements starting the first week of February.
Our Take: I believe that Best Buy is the first major retailer to offer something this substancial and awesome. With the way (myself,too) a lot of people upgrade their smartphones and other electronic products these days, this almost seems like an instant, done-deal add-on for me to almost everything I would buy at Best Buy. Other retailers will surely implement this eventually, but, with the power that Best Buy Mobile has, I think they will get the most benefit from this.