For a fee, customers can join the Buy Back Program when they purchase laptops, netbooks, tablets, televisions and cell phones at Best Buy.
The retailer will then buy the product back from the consumer at any time within two years, or within four years for televisions – though TVs costing over $5,000 are ineligible. Customers will receive up to 50 percent of the original price in the form of store credit, which must be redeemed within six months.
All products will then be refurbished and resold, or recycled. Devices returned under the program must be in good working condition and include all their original parts.
Rates of reimbursement under the Buy Back Program will depend oon how long customers own their products, and TVs are only eligible for a 10 percent rebate.
Best Buy has positioned the initiative as a way for customers to buy the latest products without fears about obsolescence, while earning immediate credit towards their next purchase. The retailer already offers a free trade-in program that gives customers gift cards for dropping off their old electronics.
The company plans to collect 1 billion pounds of used consumer electronics, or e-waste, over the next five years.