Big-box retailer Best Buy has announced a new limited-time trade-in offer that will let you get an Xbox One for $400 (or even less), provided you meet certain eligibility requirements.

Starting April 27, if you trade in a working Xbox 360 or PlayStation 3 at Best Buy, you'll receive at least a $50 gift card and a $50 coupon to use toward the purchase of an Xbox One. Trade-in values may vary, Best Buy says, but you're guaranteed at least a $50 gift card for any working Xbox 360 or PS3. The deal ends Saturday, May 3.

Best Buy is no longer offering the Titanfall Xbox One bundle for $450, which would have made this deal even sweeter. All the same, though, if you're looking to upgrade to an Xbox One, you might want to consider this deal. There's no word on a similar deal for the PlayStation 4, and a Best Buy representative said, "the offer is for Xbox One only."

By comparison, GameStop pays $117 for the 320GB Xbox 360 S model. If you applied that to the purchase of an Xbox One, you'd end up paying just under $400 for a new Xbox One.