Best Buy CEO: Buy Back Program For the “Technology Enthusiast”

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We talked a little bit about the rumors of Best Buy’s Buy Back program. Well, it’s official: Best Buy is launching a resale program creatively called Buy Back for your old electronic products. Starting with three categories (smartphones, computing solutions which includes computers and tablets, and televisions), Best Buy hopes to appeal to tech happy individuals who constantly want to upgrade to the latest item. If all goes well, they may expand to different products depending on demand. (I’m crossing my fingers for a camera program.)

“It is for the the early adopter,” Best Buy CEO Brian Dunn said in an interview with Techland. “It’s for the the technology enthusiast… The person for whom the latest and greatest technology seems to be really, really important.”

The three programs are a little investment, but they won’t set you back that much, especially if you’re the kind of person who likes to upgrade constantly and get your money’s worth. The plans are as follows:

- All Laptops, Netbooks, Tablets: $69.99

- Post-Paid Mobile Phones With a Retail price Under $350: $39.99; With a Retail Price Over $350: $59.99

- Televisions With a Retail Price Under $500, $59.99; From $500 – $1199.99, $99.99; From $1200 – $2499.99, $179.99; From $2500 – $5000, $349.99

If you trade in your product six months within the purchase date, you get up to 50 percent back of the paid price. Six to 12 months after, you get up to 40 percent. Twelve to 18 months after, 30 percent. Finally, if you Redeem your Buy Back after 18 months to 24 months you get 20 percent. (There’s no plans after two years, but with any smartphone service provider you’re probably up for an upgrade by now anyway.) Just for TVs, the plan gets extended to 48 months, and you can get up to 10 percent back, which is better than nothing.

Of course, the device has to be in working condition, but Dunn assures that normal wear and tear for the age of the product will still result in money back. That means no cracked screens, but Best Buy isn’t expecting your computer to come in completely shiny with the plastic protective shields still on. The Geek Squad will determine the value of your product. The price back you get is based of the price you paid, so if you got a great deal on an item, don’t expect to get more than you paid for when you trade it in a couple of months later.

The CEO said that Best Buy came up with the concept after seeing lines of people waiting for the next smartphone and realizing that tech has become more than just a necessity, but a badge and a fashion item. “Knowing that trend was so important, we thought it was really important for us to get a way to get our customers to trade in their old products. It’s a way to future proof the customer’s technology purchases or technology choices,” he said.

As for where your old product goes, those environmentally conscious consumers would be pleased to know that their old electronics will be resold through the Best Buy Outlet or Best Buy’s other company Dealtree. Working parts can be used at Geek Squad service centers, and all other parts not used will be recycled. Dunn said that was one of the most important parts of the deal, that customers could count on Best Buy when bringing their old products back to handle the material responsibly.

More on TIME.com:

Best Buy Offers $50 Gift Card If You Turn In Two Old Games

Tablets May Get All the Hype, But Smartphones Still Favored By Consumers

Best Buy To Launch “Best Buy On” TV Network

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