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Best Buy Buy Back becomes official, free through February 12th

Best Buy Buy Back becomes official, free through February 12th
Vlad Savov
Vlad Savov|February 7, 2011 3:05 AM
Best Buy's gadget repurchase program has become official during the Super Bowl, courtesy of a silly commercial starring Ozzy Osbourne and Justin Bieber. The ad's actually a lot less cringe-inducing than it might have been, though the content of the program still doesn't seem to make much fiscal sense to us. You have to buy into it at the time of purchasing a gadget -- that requirement is set aside until this Saturday as a sort of grace / enticement period -- and Best Buy depreciates at a very aggressive annual rate, arguably cutting more of your trinkets' value than the incumbent options like online auction sites. Skip past the break to see the two gentlemen at opposite ends of their careers selling their souls to the almighty dollar, along with Best Buy's full press release and Buy Back Program details.
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Best Buy to "Future Proof" Tech Purchases with Buy Back Program at No Cost Through Feb. 12

Customers can buy new gadgets with added confidence from an upfront re-purchase schedule, instant payment on redeemed gear

MINNEAPOLIS--(BUSINESS WIRE)--Best Buy (NYSE:BBY) has launched a multi-media campaign to promote its new Buy Back Program and a special week-long offer to "future proof" technology purchases for free. Beginning with tonight's Big Game commercial featuring star appearances from Justin Bieber, and Ozzy and Sharon Osbourne, the campaign encourages customers to take advantage of a special offer to receive the Buy Back Program at no cost when purchasing gear at Best Buy and Best Buy Mobile through Saturday, Feb. 12.

"We have abundant evidence that one of the biggest barriers to buying new tech devices today is fear of obsolescence"

Best Buy officially launched Buy Back in January as a solution for customers who want to keep up with the greatest gadgets but are concerned that their gear will become obsolete. Best Buy customers may purchase the Buy Back Program when buying a new product at Best Buy and redeem it at a later time, for up to 50 percent of the original purchase price paid in the form of a Best Buy gift card, as long as the device is in good working condition and includes all original parts.

"We have abundant evidence that one of the biggest barriers to buying new tech devices today is fear of obsolescence," said Brian Dunn, chief executive officer of Best Buy. "We don't think that should get in the way of benefiting from all that today's technology has to offer. So to celebrate the arrival of this program, we're offering it free on everything from mobile phones and laptops, to tablets and TVs. The Buy Back Program is not only unprecedented for Best Buy, but we believe it can transform CE retailing as we know it today."

Best Buy is waiving its upfront Buy Back Program price from now through Saturday, Feb. 12 on the complete range of consumer electronics covered by the Buy Back Program, including post-paid mobile phones, laptops, netbooks, tablets and televisions. Ordinarily, the cost of the Buy Back Program varies by product category, with protection for any laptop, netbook or tablet, for example, being $69.99.

The multi-media promotional campaign that launched on tonight's Big Game broadcast continues February 7 with full-page ads in national daily newspapers, and throughout the month with additional TV commercials, Best Buy cover insert ads and a robust website featuring details about the Buy Back Program, complete with instructional video and longer-form TV spots at www.bestbuy.com.

The campaign reinforces how Buy Back delivers a level of assurance, transparency and convenience that distinguishes it from other options like trade-in programs or reseller markets. With Buy Back, Best Buy customers don't have to wait for payment, and can immediately apply the value of their Buy Back product redemption to the purchase of new products at any Best Buy or Best Buy Mobile store.

Better yet, consumers know what they'll be paid up front, with a schedule that is available at the time of Buy Back Program purchase and is based on duration of product ownership. Best Buy will buy back qualified products anytime within two years for laptops, netbooks, tablets and post-paid mobile phones, and four years for televisions.1 Customers may receive up to 50 percent of the product's original purchase price paid in the form of a Best Buy gift card if redeemed within six months of the effective date.2 The gift card may be used to purchase new products of their choice. The percentage back is based on the purchase effective date.

Electronics redeemed through the Buy Back Program are evaluated by Best Buy's built-in team of Geek Squad Agents, and distributed among Best Buy's aftermarket, trade-in and recycling programs. To learn more about the Buy Back Program and find the Best Buy store near you , visit www.bestbuy.com.