“On average, in India, users tend to change their devices every year and the value of the phone depreciates right after the purchase of the device,” says Xiaomi. It seems true indeed, given the high sales volumes all smartphone brands are pushing, even with an ongoing pandemic-induced economic depression. Hence, buyback programs are a good way to keep the cash inflow intact and Xiaomi has just announced one, called the Mi Smart Upgrade. Also Read - Xiaomi Mi 10 5G vs OnePlus 7T Pro - Check Out Latest Comparison with Specs and Price
The Mi Smart Upgrade plan is essentially a buyback program started by Xiaomi for its customers. The plan can be bought with all new purchases from Xiaomi’s smartphone portfolio. The company promises buyback value of up to 70 percent on Mi and Redmi smartphones, given that the customer upgrades to a newer Xiaomi device. The plan can be purchased on all Mi retail outlets. Also Read - Xiaomi भारत में लॉन्च करेगा क्रेडिट कार्ड के साइज का पावरबैंक Mi Power Bank 3 Ultra Compact
Mi Smart Upgrade plan details
Xiaomi has detailed the Mi Smart Upgrade prices and terms in an official press release. Users can “encash their device any time after 3 months till 15 months of purchase, with exchange value ranging from 40 percent to 70 percent of the SRP of the phone.” Xiaomi says that users can get up to 70 percent of the assured value within 4-6 months. For a period of 7-9 months, the value drops to 60 percent. Buyers can get up to 50 percent under a period of 10-12 months and up to 40 percent on 13-15 months.
All these values are eligible from the date of purchase and final billing. Users can also get an assured buyback value of 40 percent of the suggested retail price even after the warranty expires till 15 months from the date of purchase of the old device. Xiaomi says that users can purchase the buyback options starting at the price point of Rs 399 for affordable devices such as the Redmi 9 Prime. For high-end devices such as the Mi 10, the prices will go up to Rs 1,999.
These plans work well if you upgrade to a new smartphone within a year. For buyers of premium smartphones such as the Mi 10 and Mi 10T, it assures a good value that surpasses the normal depreciated value of the smartphone. It also helps in reducing the price of the next Mi or Redmi smartphone you are purchasing. Do note that the plan is only available if you make the purchase from Mi Retail outlets.