DO NOT USE Best Buy’s “Buy Back” Program


Some of you may have heard about Best Buy announcing their new “Buy Back” program which essentially allows you to purchase insurance on a product in anticipation of possibly upgrading in the future. If you were ever considering this for even a second, don’t, it’s a total scam and you’ll be extremely disappointed when you go to upgrade in the future.

Consumerist.com has a great example on why not to do this. Basically if you buy a $1600 TV you will need to purchase the “buy back protection” which is $180. All that does is gives you the option to “sell” it back to Best Buy when you want to upgrade. Without purchasing this protection when you bought the TV you wouldn’t even have the option of using the “buy back” program. Once you’ve purchased the protection and taken your TV home to enjoy you have a 12-18 month window in which you can return the TV for the possibility of receiving the maximum allowed buy back price… which in this case would be $480. So basically if you keep the TV for a year and want to upgrade you’ll be getting $300 back ($480 minus the original $180 for the protection)… You could throw that same TV up on craigslist and probably pull double that with your eyes closed, possibly even triple that if you weed through all the low-ballers. Keep in mind that $480 is the absolute maximum you can receive and it’s all determined by what condition Best Buy deems your TV is in, so there’s a good chance you won’t even see that much. If it is deemed poor condition you’ll only end up with $60 total after subtracting the $180 it cost you to buy the protection… I would rather take a baseball bad to an old TV or throw it off a cliff than sell it back to Best Buy for a lousy $60. Oh yeah, and that is in the form of a Best Buy gift card, not cash… come on now, would you really expect Best Buy to give you cash?

The best part of the whole thing is that if you decide around the 48-month time limit for the buy back program that you want to upgrade, you’ll actually end up losing $20!!! What a joke, please, please, please do not fall for this ridiculous program as you’ll completely regret it in the end. You’re better off saving your money and using it towards something like Dishnetwork