Electronic Buy-Back Programs May Come With Drawbacks
BBB Explains Pros and Cons of Retail Buy-Back Programs
SAN ANTONIO -- As technology products are constantly being replaced with updated models, consumers are tempted more and more to participate in retailer buy-back programs which allow replacing your old electronic device with its most recent version. Typical buy-back programs include a one-time fee paid upfront at the time of your original purchase of your electronic gadget. To avoid falling short of owning the latest technology, many consumers opt-in to a buy-back program to ensure their gadget does not fall victim to digital dust.
As long as your gadget is in good condition, most retail buy-back programs allow consumers to trade-up items such cell phones, laptops, tablets and televisions for a percentage of the old gadget’s current value. Usually, this credit will come in the form of a gift card, which can be used toward the purchase of a newer model.
BBB advises consumers to review the following before participating in a retail buy-back program:
- Review the terms and conditions. Buy-back programs will vary store to store and depending on your electronic device. Before participating, be sure to read the fine print.
- Keep original packaging. Most buy-back programs require the original packaging at the time of exchange. If original receipts, power cords and manuals are lost, your buy-back may not be honored.
- Mobile phone contracts are not covered. When dealing with a cell phone, your cell phone provider may continue to bill you for your monthly service charges.
- Do not compromise your identity. Many electronic items, such as a smartphones or laptops, can hold a ton of personal information. Before selling your electronics back to the retailer, wipeout your personal information and keep your SIM card.
- You might be able to get more for your electronic gadgets elsewhere. Many consumers use sites like eBay and Craigslist to sell their gadgets. In many instances, these sites will offer more for used electronics than opting for a retailer’s buy-back program.
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