Meaning of the word "buy back" in English

What does "buy back" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

buy back

US /baɪ bæk/
UK /baɪ bæk/

Phrasal Verb

to purchase something that was previously sold

Example:
The company decided to buy back its own shares from the market.
I want to buy back the old car I sold last year.