Samsung says that if you opt in to the buyback program while purchasing one of its latest flagship models, you can get 50 percent of the retail value from the company when you return the device.
Depending on the model you bought, you can get up to $800 back.
According to a report, Android phones lose around 45 percent of their value within a year. The Galaxy S10 Plus depreciated by $373 in its first year. Samsung is helping you cushion that blow by stepping in and handing you over more than what you will get otherwise
However, you will have to return the device within a 24-months period to recoup half its value. To be a part of the program, you will have to make the purchase on Samsung’s website or using its Shop app.
To return your Samsung Galaxy S20, you will have to initiate a return request before the time limit ends.
You must ensure that your phone is in normal working condition when you return it to Samsung. Normal wear and tear will be acceptable. Once Samsung determines that the phone is in mint condition, 50 percent of the full retail price will be credited to your payment account.
Galaxy S20 sales are apparently off to a bad start
If you have been eyeing the Galaxy S20 for quite some time, you will probably welcome this offer. However, given the uncertainty surrounding the COVID-19, we wonder how much of a boost this will give to sales.
Apparently, the Galaxy S20 sales are a mere 60 percent of the Galaxy S10 during the same time period. Samsung reportedly blames the coronavirus for the slump, but other factors are likely at play too.
First of all, as mentioned before, the Galaxy S20 is expensive. And unlike last year, it supposedly got lower subsidies in South Korea.
However, all is not doom and gloom as reports suggest that the marquee Galaxy S20 Ultra is proving to be the most popular model, probably because of the 108-megapixels camera. But, overall, the sales don’t look promising.
The buyback program is another indication that sales are indeed low and Samsung is evidently worried. However, even with the program, consumers will still have to spend money on buying the handset.
And, given that we are in the middle of a pandemic, people are kind of in the survival mode right now. The outbreak is expected to trigger a recession. Thus, consumers are likely to put off non-essential purchases this year.
The smartphone industry is already feeling the pinch of the outbreak
In February, smartphone shipments apparently slumped 38 percent compared to the same month a year earlier because of the virus. Since then, the situation surrounding the coronavirus has only worsened. Thus, it’s natural to assume that shipments tumbled further in the following months.
Apple might even postpone the launch of its new phones as it fears that the demand will shift because of the outbreak. In short, the situation looks grim for the industry.
So, as generous as Samsung’s offer is, it’s perhaps too late.