Best Buy (Stock Quote: BBY) announced Thursday that it will offer credit for used video games in nearly 600 of its stores, just a day after Target (Stock Quote: TGT) said it would do the same thing.
Best Buy’s in-store program expands upon an existing online trade-in service that requires owners to mail in their games after filling out forms on its website. The chain plans to offer the service in the remaining 1,089 locations by October.
The prices for games will vary depending on their titles. The chain has an estimator on its website that will give gamers an idea of just how much they can get for the used goods. Best Buy is offering $20 gift cards to those who bring in popular titles Sunday. Best Buy will start selling these pre-owned titles collected through the program at a later date.
Target’s new trade-in program also allows consumers to sell their old electronics devices for store credit. The in-store program launched in Northern California on Aug. 24, and customers will be able to trade in more stores by September. Target plans to roll out trading in approximately 850 more stores by the end of this year.
According to Target’s press release, customers can receive gift cards ranging in value from a few dollars to more than $200 per item, depending on the product and its condition.
How do these new or expanded programs compare? To get an idea, I shopped around a used copy of Xbox360’s Dead or Alive 4. (I attempted to trade-in my Buffy the Vampire Slayer: Chaos Bleeds game, but sadly Best Buy had never carried it. Target, however, was willing to offer $3.56.) The estimates were comparable: Best Buy offered a whopping $3 while Target offered $2.77.
With the more recent title, Red Dead Redemption, Target offered the slightly better deal. The retailer was willing to pay $21.38, while Best Buy offered a flat $20.
Interestingly, according to tech site Kotaku, the video game retailer Gamestop, which both chains are competing with by entering the game trading market, offers $24 for the same exact title.