Don’t want to buy used? I can understand that, even if I don’t always agree. To some people new is the only way to go and there is no convincing them otherwise. If you’re one of these people that’s OK as long as you can afford it. After all, personal finance is personal. That said there are still ways you can save a significant amount of money even if you buy new.
Buy An Older Generation of the Product
This is a great way to save some money whenever you buy technology. Instead of buying the most current version of a product, opt for one that has recently been replaced by a newer model. I personally have done this myself when I negotiated a free Samsung Galaxy SII Skyrocket right before the Samsung Galaxy SIII came out. I managed to save $199 just by buying what was soon to be an older generation of the Samsung smartphone.
You can do the same thing when the iPhone 5 comes out. If you opt for the iPhone 4S you can save $100 or if you opt for the iPhone 4 you can save $200 off of what it would cost you to buy the iPhone 5. If you don’t have to have the newest gadget this will save you a ton of money.
You can do this with all kinds of technology. Laptops, iPads, HDTVs, video games and appliances are all great options. When you are already a generation behind upgrading to the current older generation is still going to be a huge upgrade. I almost never buy the newest top of the line technology because it all goes out of date so fast! There are times where the newest and greatest may be necessary. Just make sure it is a necessity, not a want, if that’s the only way you’re justifying spending the extra cash.
Buy Last Season’s or Last Year’s Product
This is another money saving tip I practice very often. I never buy clothes at full price and rarely even buy them on sale. I most typically buy them when the seasons change and they discount all of the previous season’s clothing to clearance prices. When I had to wear long sleeve dress shirts I often got them for 70% to 80% off just for buying out of season colors. They stayed in the packaging until the next year when I took them out and added them to my closet.
Another place this works wonders is with motorcycle gear. Every year they come out with a new line of helmets, leather jackets, gloves and more that has just a slight tweak from last year’s version. A website I visit buys all of the distributor’s old gear and sells it at a hefty discount just because it is last year’s product and many people always want the newest product available.
I’ve saved over $300 on a leather jacket simply by buying last year’s product and it protects me just the same a current year leather jacket would. No one knows if I bought it when it was a current season model or if I bought it the year after. Who buys a new leather motorcycle jacket every year anyways?
Do you always have to have the newest and best there is or do you stay a generation behind and save a ton of money? Which camp do you fall in?