Major chains are pushing high-margin "buyback" plans on tech addicts, but consumer advocates warn the contracts have many catches
Staying current with the latest gadgets is expensive. Every other week seems to mark the debut of a brighter TV or a faster phone. Consumers on the wrong end of the upgrade cycle are left with the malady known as technologus obsoletus, a lingering sensation of regret and envy. That’s why retailers including Office Depot (ODP) and RadioShack (RSH) in the last few years have started offering a service known as buyback insurance. The world’s largest electronics retailer, Best Buy (BBY), started its own program earlier this year. Although details differ, the insurance generally works like this: For an upfront fee, the retailer agrees to buy back an old device for up to half its original cost when a customer returns it within a few years.More
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