Details of Best Buy’s New Buyback Program Leaked?

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Boy Genius Report is saying that they have exclusive news that Best Buy will be starting a smartphone buy back program in 2011. According to their sources, the company hopes to attract customers who always want to upgrade their phones, and they’re hoping that Best Buys “Buy Back” is a lucrative deal will help people chose the companies when it comes to getting the latest equipment. The plan, which costs $59.99, seems to be for people who like to always have the latest in smartphone technology. The screenshot below from BGR has more details.

It seems that “Buy Back” program members will get 50 percent of the full retail value back between one and six months of owning the phone. Between months 6 and 12 the device can be turned in for 30 percent of the original price and so on and so forth. It’s important to note that although the report seems legitimate and BGR has been correct in reporting rumors in the past, Best Buy hasn’t confirmed anything. Is an extra $59.99 worth it to be able to get more value out of your smartphone or should you just save the money and wait two years before getting a new one?

More on TIME.com:

The Easiest Ways To Return Your Unwanted Presents

How To: Recycle Your Old Gadgets

Best Buy to Sell Samsung Galaxy Tab, Wi-Fi Model at $499

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