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Best Buy offers up to $175 in trade-in deal for Xbox One

Ante up a working Xbox 360 250GB or Sony PlayStation 3 Slim, and you'll get a $75 coupon good toward an Xbox One along with a minimum $100 gift card.

Lance Whitney Contributing Writer
Lance Whitney is a freelance technology writer and trainer and a former IT professional. He's written for Time, CNET, PCMag, and several other publications. He's the author of two tech books--one on Windows and another on LinkedIn.
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Lance Whitney
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You can save money on an Xbox One via a new Best Buy trade-in deal. CNET

Those of you willing and able to trade in an Xbox 360 or Sony PS3 in exchange for an Xbox One can save some cash via a new Best Buy trade-in deal.

Currently valid through Saturday, June 20, the in-store only deal is split into two parts. Trade in a working Xbox 360 or PlayStation 3 console, and you'll get a $75 coupon good toward the purchase of an Xbox One. Trade in a working Xbox 360 250 gigabyte edition or Sony PlayStation Slim, and you'll receive a minimum $100 gift card. So the right combination will net you a full $175.

Since its introduction in November 2013, the Xbox One has typically seen its sales trounced by Sony's PlayStation 4. To combat the competition, Microsoft has done everything from slashing the price of the Xbox One and bundling in free games to offering a Kinect-free version of the console. Some of those efforts have helped boost sales, especially the price cuts. Retailers, such as Best Buy, have even done their part by offering trade-in deals to trim the cost of the console.

And now Microsoft is doing even more to lure in Xbox One buyers. At Monday's Electronic Entertainment Expo show, the company announced that the Xbox One would be backward compatible later this year, so users will be able to play Xbox 360 games. The company is also rolling out a lineup of new games, launching an Xbox Elite Wireless controller and letting you stream any Xbox game to your computer, all in hopes of transforming the Xbox One from simply the successor to the Xbox 360 to a more robust media console.

To qualify for the Best Buy trade-in deal, your Xbox 360 or PS3 must be in good working condition, able to power on, and not be damaged in any way. The AC adapter must also be included. The deal is good only in Best Buy stores and isn't compatible with any other trade-in offers. Finally, there's a limit of one trade per person.

Buyers can choose from a few different Xbox One models and bundles. The Xbox One 1TB Halo: The Master Chief Collection Bundle runs $400, while the Xbox One 500GB Special Edition Halo: The Master Chief Collection Bundle will cost you $350.