Confirmed: 360 trade-in value increased [update 2]

Over the past few days there has been a few rumors hitting the web about potential Xbox 360 trade-in prices increasing over at EB Games and Gamestop for the launch of the Elite. Well, we got in touch with a few Gamestop managers and it's true. The promotion started today and dramatically increases the trade-in value for original Xboxes, Xbox 360 Cores, and Xbox 360 Premiums.

If you trade in a Premium 360 they'll give you $250 in-store credit, $200 in-store credit for a 360 Core, and $50 for an original Xbox. These trade-in price have increased pretty dramatically, because last week Gamestop was only paying $190 for an Xbox 360 Premium, now upped by $60. Both Gamestop managers also said that the new trade-in credit does not have to go towards an Xbox 360 Elite, but what other reason would you have for selling your 360? There you have it all wrapped up and confirmed. More trade-in cash for your old Xbox 360 to buy yourself a black Elite if you so choose.

Update 1: We're thinking there may be a little confusion in Gamestop's head. We just got word from Kevin (who works at Gamestop) that the trade-in program uses coupons that are not valid until April 29th. Kevin says that the only way to increase the trade-in value is to use these coupons and the only way to get these coupons is to buy an Elite. So, according to him, you need to buy an Elite to get the increased trade in value. But, we double checked with our local Gamestop managers and they still are saying we could come in today and they'll pay us $250 for a Premium 360. Maybe all the stores just aren't on the same page ... silly Gamestop.

Update 2: Even more details have emerged.

This article was originally published on Joystiq.