Nexus 4 owners who want to ditch their old smartphone can now get up to $262.50 if they trade it in at Best Buy.

The retailer has started offering up to $262.50 for a Nexus 4 smartphone, and the offer seems to stand regardless of whether it's an 8GB or 16GB model. To trade in a Nexus 4 smartphone and get the credit from Best Buy, however, the device has to be in relatively good condition and with the necessary peripherals.

Best Buy does not mention just how long this Nexus 4 trade-in offer will last, but considering the $100 price drop the smartphone got last month the offer will probably not be available for long.

As one would expect, the value of the Nexus 4 you want to trade in will depend on the condition of the device. In order to get the full $262.50 worth of Best Buy gift card credit, the device must be in perfect condition. If it's not bright and shiny as new, but it's still in good shape, customers could still get about $250 off it. Good shape would mean a few scratches on the case, as usual with used devices, but no damage or scratches to the screen.

If the Nexus 4 in question is in a somewhat worse condition, but still working, it could get users about $112.50. Keep in mind, however, that simply turning on the smartphone does not count as it being usable. If the device doesn't turn on unless it's plugged in and the screen is considerably scratched or damaged, no deal.

Best Buy's new Nexus 4 trade-in offer comes at a time when rumors are intensifying in anticipation of the next-generation Nexus smartphone from Google. The general expectation is that LG will make the new-generation Google smartphone as well, but nothing is confirmed just yet.

Meanwhile, Nexus 4 smartphone owners who are tired of their devices can now trade it in at the nearest Best Buy store or check out the retailer's offer on the trade-in section of its website.