As a promotional offer, Best Buy announced that they will be accepting smart phone trade-ins when upgrading to a new iPhone 5c or iPhone 5s. From October 13th until October 19th, Best Buy will give you a minimum $100 credit for trading in your old smartphone, good towards the purchase of an iPhone 5c or iPhone 5s. Customers bringing in smartphones in their original packaging or with their original accessories may also see their trade-in values increase. If your smartphone is worth more than the $99 downpayment required for the 16GB iPhone 5c, the retailer will offer a gift card making up the difference, too. The catch appears to be that the gift card you’re awarded for your trade-in must be used to sign up for a two-year contract on either an iPhone 5c or iPhone 5s.
To be eligible for the trade-in program, you must upgrade your phone to a new iPhone and you must extend your contract with your wireless service provider an additional two years. If you’re a prepaid customer, you are the unfortunate casualty in this Best Buy deal. According to Best Buy, the offer is good for “any working smartphone” as long as it is “free from water damage and screen cracks.” Interested customers may also want to call ahead to their local Best Buy location, as the document notes that the offer may not be valid at all locations. When Best Buy says they will give you $100 credit for “any smartphone”, they mean any smartphone that is in their system. Take a look at their trade-in list to see what they accept.
One thing you should remember with this deal is that you don’t need to own an old iPhone to take advantage of it; if you own an old Android device (say, a Droid DNA or a Galaxy Note, for example), you can still bring these in and receive the $100 discount. However, you must purchase an Apple iPhone with the credit; this deal is not available for those who want to purchase an Android smartphone.
Best Buy currently sells the iPhone 5c 16 GB device for $99 and the iPhone 5s 16 GB for $199. If you are buying a phone with more than 16 gigabytes of storage then you will have to pay more. The smartphone trade-in will allow you to deduct $100 from either of these purchases which makes the iPhone 5c 16 GB free with an upgrade, and the iPhone 5s only $99. Keep in mind that you will have to pay tax on the full retail price. The iPhone 5s has been sold out in most stores; however, Best Buy will give you a credit that you can use towards the phone when it is back in stock.
Is This Trade-in Deal Worth It?
In my opinion, the answer is yes and no. For most newer smartphones, I think you can get a lot more money elsewhere. Buyback websites such as Gazelle will most likely off you a higher cash value for your used cell phone than the amount of credit Best Buy is willing to offer you. However, Best Buy determines how much much they will offer for a cell phone on a case by case basis so you will have go to one of their stores to get a quote for your phone to know exactly how much credit they will offer you. They change the value on the phones everyday based on inventory.
This deal is not for people who are looking to get the best bang for their buck. This deal is supposed to be a convenient trade-in program for consumers looking to upgrade to a new iPhone. Although you won’t get as much money as selling your phone on eBay, Best Buy will provide a one stop shop to trade-in your phone and upgrade to a new device.
Another positive about this offer is that they will give a minimum of $100 credit. Even if you’re smartphone is worth less than $100, Best Buy will still honor the credit. If you own an older smartphone that isn’t worth very much, the Best Buy trade-in program is great for you.