10 Smarter Ways To Shop for Electronics
Electronics make our lives more efficient, entertaining and even educational. We rely on them to power our homes, enable us to game and watch TV, and keep us working and studying hard.
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There are more electronics options, types and brands than ever before, making it sometimes difficult to shop and still get the best deals. Here are 10 expert-backed ways to shop smarter for your electronics.
Also see electronics that are a complete waste of money.
Set a Budget
The simplest and most obvious action is often the most important, such as setting a budget. Decide how much you can afford to spend before you even start looking around, said Ashley Akin, a CPA and senior tax associate.
“This way you won’t end up spending more than you planned,” Akin said. “It’s easy to want everything you see, but you’ve got to stick to your limit.”
Use Browser Tools
Once you’re ready to shop, if you’re doing so online, check out browser tools that can hunt for deals automatically, Akin said.
“Just like letting tech do the work in managing money,” Akin said, “these tools watch for coupons and sale prices so you don’t have to spend hours searching.”
Avoid Impulse Buying
If you have purchased electronics, you likely, at one point or another, have bought the first item that caught your eye.
Instead of doing this, it’s smarter to take your time and make an informed decision to avoid disappointment later, according to Vikas Kaushik, CEO at TechAhead. He recommended you make a list of the features that are most important to you before you go shopping.
“Buying items because they look and feel good or because they have received excellent ratings is not always the wisest course of action,” he said. “An electronic device purchase made on a whim or impulse brings rapid gratification. But by the time wear and tear causes the thing to break down, that sensation wanes.”
On this same note, Nathan Jacobs, senior researcher at The Money Mongers, Inc., suggests you “play the waiting game” because new models usually mean price cuts on the oldies but goodies.
Do Detective Work
With patience comes time to do your research, Jacobs said.
“Before you buy, do a little detective work,” he said. “Price check across shops, peek at price histories and don’t sleep on the refurbished deals — they can save you a bundle if you go through legit sites.”
Lastly, Jacobs urged that you think of electronics shopping as a “marathon not a sprint.”
“Dropping a few more bucks on today’s tech could save you an upgrade tomorrow,” he said. “And always double-tap on warranties and returns to keep buyer’s remorse at bay.”
Timing Is Everything
Electronics prices often fluctuate throughout the year, said Cyrus Partow, founder and CEO of Ship The Deal, with many retailers offering significant discounts during major sales events such as Black Friday and Cyber Monday.
Keep a list of electronics you want to purchase and take advantage of these sales when they hit.
Utilize Online Tips
If you find yourself unsure of what to buy, take advantage of the knowledge of those wiser than you, said Michael Dinich, a financial advisor and founder of Wealth of Geeks.
“If you want more tips on specific tech to buy, sites like PCWorld give tricks for finding the best prices,” he said. “Places like Quora are also good since people share what discount sites they found worked well. The community helps each other out by posting what sales they came across.”
Consider Refurbished or Open-Box Options
While “new” may seem better, when it comes to electronics, refurbished is often as good as new and often comes with significant savings and warranty coverage. You want to look for those that have been professionally restored and certified, Partow said. Additionally, look to “open-box items,” electronics that have been returned by customers but are often in pristine condition.
Partow once saved over 30% on a high-end laptop by purchasing a refurbished model from a reputable reseller.
“The laptop was virtually indistinguishable from a new one,” he said, “and I enjoyed significant savings without compromising quality.”
Utilize Rewards Programs, Cash-Back Websites and Coupon Codes
Retailers and manufacturers often reward loyalty via rewards programs, cash-back incentives, newsletters and coupon codes. You also can search for relevant coupon codes before finalizing your checkout to reduce expenses further, Partow said.
Purchase Extended Warranties Wisely
Extended warranties can provide peace of mind should anything happen to your product, but carefully evaluate the terms and conditions before making the extra expense, Partow warned. “Consider the product’s reliability and your risk tolerance.”
Beware of Scams and Fake Deals
Especially when shopping online, Partow warned that you exercise caution, “especially through unfamiliar websites or social media marketplaces. Verify the seller’s reputation and authenticity before making any purchases.”
Akin added, “In the end, whether it’s about spending or investing cash, making smart choices based on research is key to getting the most value without spending more than you need to.”
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This article originally appeared on GOBankingRates.com: 10 Smarter Ways To Shop for Electronics
