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The Saving Money Series: Never Pay Full Price For Electronics Again!

By Edited Nov 13, 2013 0 0

Ways To Save By Buying Cheap Electronics

For those of us who love electronics we know that keeping up with the latest and greatest can be pretty expensive. With technology changing at a rapid pace there is always something cool and new that you just have to add to the collection, however every new purchase or upgrade takes a nice chunk out of your wallet. Here are some ways to get cheaper electronics and help make your dollar stretch a little bit longer.

Online Sites

Potential Savings: 30%-70%

Shopping online is a great way to purchase cheaper electronics. You have more selection than you would in a traditional store and you get to shop from the comfort of your home. It takes patience sometimes in order to find the perfect piece at the perfect price but with a little patience and research you can save huge bucks this way. A perfect example of this is eBay. To get the best price on an item chose to participate in auctions during off peak hours. You can find some really good deals this way. Sometimes you can even find great deals from sellers with Buy Now listings too so just keep an eye out. When buying online make sure you do your due diligence and make sure your seller is reputable. Send them an email and look for reviews from other customers before making any purchase.  Other websites that have great deals are Overstock, Half, and Tigerdirect just to name a few.

Open Box Items

Potential Savings: 10%-25%

Most people do not like to buy open box items, however this is a golden opportunity for a savvy shopper. Usually open box items are gifts that were returned, store display items, or items whose packaging is less than perfect.  In either case the electronics have had minimal use and have no defects at all. Sometimes open box electronics may come without a user guide but this is a small price to pay because most manufacturers provide free manuals online.  To find these items ask a representative from the store which open box electronics they have and don't be afraid to ask why certain items are there.  Each item has a story and before you buy you should know the story. Sometimes you can even talk the price down on these items because the store needs to get rid of them sooner rather than later.

Holiday Sales

Potential Savings: 5%-40%

Every holiday is an opportunity for stores to get more traffic. How do they attract people to their store? You guessed it, SALES!!!! Check out your local papers to see which stores are offering your favorite electronics at a discounted price.

Buying Refurbished

Potential Savings: 20%-50%

This is essentially the equivalent of buying a used product.  Buying used products sometimes may seem like a bad idea but many times these items have been factory refurbished which means they are like knew. They also tend to carry warranties because companies know that consumers are very wary about purchasing used electronics.

Shopping At The End Of "Electronics Season"

Potential Savings: 30%-60%

Everyone knows that manufacturers bring out new models every year but few people realize this happens around the same time for many companies. When its time for new inventory to come in, that means all the old inventory has to go. In order for stores to move that massive inventory out and make room for the new models, prices are slashed. This method also requires patience because the longer you hold out, the cheaper the price will be. Don't wait too long though, if someone gets the last product you had your eye on, then there won't be anymore coming in to stock. If it turns you off to know that you are buying an older model, consider this. Most new models come with slight design changes but seldom have significant upgrades.

Back to School Sale

Potential Savings: 10%-25%

Students are very much into electronics but students tend not to have much money or have their parents supporting them.  In either case the student can't afford to spend the majority of their back to school money on electronics, and their parents definitely aren't willing to. Knowing this, stores slash prices to attract both students and parents alike since they know this is a major shopping season. This is a great time to save money and get electronics like smaller TV's, Computers, Digital Cameras, MP3 players, Gaming Systems and Stereo's at a discount price.

Never Buy First Generation

Potential Savings: 15%-40%

First generation electronics are the first of their kind and new to the market. They usually come with a lot of hoopla, advertisements everywhere and grand introductory events. What many fail to consider is that these products are usually at the highest price point they will ever be at in the product life cycle. Another thing to note is that first generation models are usually the most basic, so you end up paying more to get less.  A fantastic example of this is the Iphone. They come out with a great deal of pomp and circumstance but usually after a few months they introduce an upgraded model that makes the previous one almost obsolete. Take the Iphone 3 for example. First there was the Iphone 3, and then Iphone 3g, then Iphone 3gs and it all happened in about a year’s time. If that wasn't bad enough, the price dropped to $99. So for those who paid $300 and got locked into a contract, waiting just a few months would have saved them $100-$200.  Wait to buy second generation or even third generation products. By this time the product has matured, lots of great features have been added and the price is typically lower.

The moral of this story is that you should never pay full price for electronics.  Patience and knowing when to go shopping is key to getting a good deal. Follow these steps and save money time and time again.


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