If the old phone’s worth is more, one might get more off the new phone, Best Buy confirmed. Customers will also have to sign a two-year service agreement on the new phone with either Verizon, AT&T or Sprint to get the deal.

It is the third significant trade-in deal the retailer has offered in the recent time.

Consumer electronics trades in sites have become increasingly popular in the past few months as the release cycle of devices has rapidly sped up.  Sites like Gazelle have built a USD100 million business on apple products trade in program. The site received 1.2 million price quotes for iphones from people who were considering selling their phones before launch.

Unlike Best Buy, however, T-Mobile, Gazelle and others do accept broken or damaged phones. The working traded-in phones are typically refurbished and re-sold in the United States or overseas.