Report: Best Buy to Launch Buy-Back Program

Customers who are looking to get the latest tech gadgets and devices will be able to do so by exchanging their old products under a buy-back program that Best Buy is reportedly launching.

Customers worried about being left behind in the ever-changing world of technology may have a new way to get the latest products from Richfield-based Best Buy Company, Inc.

According to Boy Genius Report (BGR), a nationally known blog that focuses on technology and consumer gadgets, Best Buy will soon launch a buy-back program allowing customers to return used products in exchange for Best Buy gift cards.

The blog post-which includes what appear to be official Best Buy documents about the program-reports that the program allows customers to sell back devices, including phones, laptops, netbooks, tablets, and TVs. Customers will initially have to pay $59.99 to get into the program and will receive Best Buy gift cards in exchange for their used products.

According to the documents posted on BGR's blog, the buy-backs range from 50 percent of the original full retail price back for products that are under 6 months old to 20 percent of the original full retail price back for products 18 to 24 months old. The buy-back structure for TVs is slightly different because it allows customers to return TVs that are three or four years old for 10 percent of the original full retail price.

BGR reported that Best Buy would launch the program today, but there was no information about it on the company's Web site Wednesday afternoon and a Wednesday morning phone call to a Best Buy representative was not immediately returned.

Shares of the company's stock were up 2 percent to $35.80 in Wednesday afternoon trading.

Best Buy is Minnesota's third-largest public company based on revenue, which exceeded $49 billion in its most recent fiscal year.