GameStop launching Elite with 360 trade-in promo

In two weeks, Microsoft will release the Xbox 360 Elite, the deluxe version of its latest console. Though equipped with a 120GB hard drive and a sleek black finish, the Elite's lack of game-data transfer options from current 360s and $479 price sparked controversy from when it was announced. Console-war partisans were quick to point out that the Elite is just $20 cheaper than the 20GB PlayStation 3 was--until that model discontinued, anyway.

Now, though, it appears that current Xbox 360 owners will have an alternative to hocking their old consoles on eBay. GameStop reps confirmed today that the nationwide game retailer and its EB Games subsidiary will be holding a promotion that will increase the trade-in value of Xbox 360s. The promotion will begin when the Elite goes on sale on April 29, and will continue "while supplies last."

However, it's still unclear how much GameStop will be increasing the trade-in value of Xboxes for Elite purchases. Several managers contacted by GameSpot confirmed a promotion would be unveiled next week, but said that they didn't know its exact terms. "It hasn't been announced yet," said one friendly but uninformed rep.

However, several online game-press outlets, most notably Xbox360fanboy.com, claim to have confirmed that GameStop will offer $250 in in-store credit for a Premium 360 with wireless controller and hard drive, $200 in-store credit for a Core 360, and $50 for an original Xbox. Currently, the retailer offers $215 in credit for a fully equipped Premium 360, $190 for a Core 360, and $30 for an original Xbox.

There is also some confusion as to whether or not the value of Xbox and 360 trade-ins must be applied to the purchase of an Elite. Though some online sites reported that said credit could be used to buy anything in the store, every GameStop that GameSpot contacted said that the 360 trade-in credit was increased only when used to purchase the new console.

Inquiries sent to GameStop corporate representatives regarding the 360 trade-in promotion had not been answered as of press time.