Everyone realizes that upgrades to technology are a never ending process. Just as you invest a few thousand in a new television and sound system a “better” and “more advanced” system is released. You may feel like you are always trying to play catch-up to own the latest and greatest technology on the market, but your wallet will eventually start to scream if you keep buying new products.

Now there is a better solution–Future-Proof Your Technology With the Buy Back Program from Best Buy. According to Best Buy CEO Brian J. Dunn, the company is instituting a new buyback program for technology purchased from Best Buy. “You purchase the technology you want today, and [Best Buy will] buy it back at a set price when you’re ready to upgrade to something new. You’ll know upfront what your gear will be worth, and you can conveniently redeem your Buy Back at our stores and immediately receive a Best Buy Gift Card,” said Dunn (RewardZone Premier Silver E-mail, February 3, 2011).

According to the Best Buy’s web site, “We’ll help you keep your technology fresh by buying back your TV, mobile phone, laptop, netbook and/or tablet anytime within 2 years of the effective date (4 years for TVs), giving you a Best Buy gift card with a set value to use toward another purchase” (Future-Proof Your Technology with the Buy Back Program, Best Buy, February 5, 2010).

Is there a catch? Not really.

Step 1: You simply have to purchase the Buy Back program along with your new product (similar to purchasing an extended warranty plan).

Step 2: Keep your product in good, working condition with accessories and parts. You can’t buy a new TV and abuse it and then expect Best Buy to buy it back (Buy Back program rules will be provided with purchase). When you are ready for something new you can take your well cared for item back to Best Buy.

Step 3: Once you return your product you will receive a Best Buy gift card for the value of your product. Best Buy provides a calculator to help determine the pre-set value of your product.

Redemption Schedule and Value

Each product will have a different value, but if you return the product in a specified time period you can receive as much as 50% back (up to 6 months), 40% back (6-12 months), 30% back (12-18 months), 20% back (18-24 months), 10% back (24-48 months –TVs only), for your product in good working condition.

This program can provide you with many options as you purchase new equipment and adds to the advantages for shopping at Best Buy. It may help you save some money as you enjoy new products more quickly than before and get more Best Buy Reward Zone points. Just keep in mind that you have to take care of what you own in order for the program to work.

Do you have any questions or ideas about how to use this new program? Our readers would love to hear your opinions about the Best Buy, Buy Back Program.