Retailer Best Buy has rolled out a new offer where shoppers can buy a new Xbox One for just $175. It's one of the best deals on Microsoft's new console we've ever come across, and here's how it works.

Trade in a working Xbox 360 (250 GB) or a PlayStation 3 Slim (120 GB) at a participating store in the United States (see all stores here), and you'll receive a $175 credit toward the purchase of a new Xbox One. This comes in the form of a $75 coupon towards the console and a $100 Best Buy gift card.

But what it ultimately means is that you'll be able to buy the $350 console for just $175.

To be eligible for the full trade credit, your console must include an AC adapter/power cord, it needs to be able to power on, and it must not be damaged or have its warranty seal broken. Best Buy also warns that "some stores may have additional limitations" and that there is a limit of one trade per person.

As always, it's a good idea to call your local Best Buy before heading out. Best Buy's Xbox One trade-in deal is valid now through May 2, and is good in-store only.

GameStop offered a similar deal earlier in the month, where shoppers could receive a $125 credit toward the purchase of a new Xbox One, meaning they could get the system for just $225. But this deal ended just last weekend.

Looking for more gaming deals? Check out GameSpot's roundup of all the best offers.