Best Buy is trying a novel approach to tempt Super Bowl watchers to buy more electronics.
The retailer will officially launch adesigned to lessen consumers' concerns about tech obsolescence, Best Buy CEO Brian Dunn said in an e-mail to customers. The program could also help increase .
The Buy Back program is sort of an insurance policy, letting consumers get some money back for their gadgets while the goods still have some value--at least to somebody else.
After purchasing a TV, mobile phone, laptop, Netbook, or tablet with the Buy Back program, a buyer has two years to bring it back and get a percentage of the purchase price as long as it's in good condition. Rates range from 50 percent within 6 months to 20 percent for between 18 months and 2 years. Between 2 years and 4 years, TV buyers can get 10 percent of the purchase price.
If goods don't have any resale value, the electronics will be stripped down for parts or recycled in the U.S. as part of Best Buy's existing in-store recycling program, a company representative said last month.
A growing number of buy-back services are aimed at tech consumers looking to get some money for older electronics.
Secure TradeIn, a division of ReCellular, said it intends to spend $10 million in preparation of consumers trading in older smartphones for a new Verizon iPhone. Another buy-back provider is Gazelle, which shows consumers a gadget's residual value online and sends a shipping label.