When I was younger, I was into electronics. While I still am interested in them, things are different. Back then, whenever a new gadget would come out, I would be the first one to have it. Over time though, I realized I was wasting my money, mainly because there was a premium attached to hot new technology items. This is even more evident today with how rapidly technology is changing. In any case, this post will walk you through some steps for being smart when it comes to buying electronics.
3 Steps To Saving Money On Electronics
Yep, all you have to do is wait. As I mentioned above, technology is changing at an ever faster rate. Because of this, new models come out all of the time and even competition brings about similar products quickly. As a result, if you can wait, you will be able to save yourself some serious money.
Just look at the fitness band craze going on now as an example. When the first bands came out they were $100. Now they are less than $50. Even the 2nd generation versions that were close to $200 are now under $100 as the next big thing is on the horizon.
The same idea applies to smartphones. When the new iPhone came out, the price of the old iPhone went from $199 to $99. The key here, is to simply wait.
The next key is to research. Read reviews of the new product and all about its competitors too. Learn what it can and cannot do, then think about what you really want and what you don’t want. From there, you can start basing your decisions on what you need. Here are two examples that go into more detail.
I currently have the iPhone 5. I enjoy it. But with iOS updates getting larger and larger, the storage on my phone is getting smaller and smaller (plus I take a good amount of pictures). I don’t like the size of the iPhone 6. I did some research and really like the iPhone 5S. It has more storage for me and is the size I like. As such, I can get a good deal on it since it is not the latest and greatest.
On the other hand, there is my sister-in-law. She has a fitness band but wants one that measures her heart rate. She is waiting for the new Jawbone to come out and then will wait to see what else is on the market at that time before buying.
Doing this research has helped both of us understand what exactly it is we want and this saves us money. Why shell out the money for the new iPhone when the previous version has all I need and has a better price?
Many times you can save big bucks by buying at outlet centers, open box items, or scratch and dent items. Prices can be up to 50% lower just because the camera was opened. Before you buy, just make sure you get the full warranty on the item. In most cases you will, but it is always good to check first.
When our TV went out, we were searching for another one when we came across an open box model at a store. We asked why the low price and were told because of a scratch. I looked the TV over for a good 15 minutes – along with my wife and the 2 salesmen and no one found this scratch. So we bought it and saved a ton of money.
Even if it did have a scratch, odds are we would still buy it. In fact, we buy a lot of things at scratch and dent outlets. I’ll take $300 off a washer that has a scratch on it over paying full price for a washer without a scratch.
Overall, if you do your research, wait and shop open box items, you can save a good amount of money on electronics. Always remember, what is hot today most likely won’t be in a few years time. Look how quickly Bluray replaced DVDs. Now people are buying movies on iTunes and passing up physical DVDs altogether. Electronics cost a lot. Take your time when buying them and you will be able to keep more of your hard earned money.