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Buybacks don't make a lot of sense when the people turning in their guns can just use the money to buy new ones. May as well cut out the middleman and just give money directly to gun manufacturers.
I kinda doubt many are doing that, the prices buy backs offer are usually ridiculously low: They'd be financially better off just trading the gun, doing a private sale, or illegally selling it for even more to a convicted felon on the black market.
If buyback programs really wanted to get guns off the street, they'd pay more money and the process that occurs after the buyback would be transparent and verifiable.
What they actually seem to be are a mix of shady profiteering (like mentioned in the article above) or PR feel-good projects that allow politicians to act like they're actually doing something to fix the problem, when the reality is, it's a band-aid at best and profiteering off of undermining programs meant to reduce gun violence.
This assumes nobody has anything to do with their money other than spend it on guns.
It's an exaggeration, but here's something that's not.
There's demonstrably a big market for guns in the US. A certain number of gun sales will happen every year. Used guns reduce the demand for new guns, thus reducing the money gun manufacturers can make. By destroying surrendered guns rather than selling them, buyback programs are choosing not to let the surrendered guns satisfy part of the demand for guns, thus increasing the demand for new guns and thus the revenue of gun makers.
Buyback programs can reduce the number of guns in specific communities, but the number of people nationwide who have guns is limited only by the number of people who want guns and have legal access to them, not the availability of guns for purchase. In other words, the usefulness of a buyback program is largely predicted on the discredited theory of supply-side economics.