Eight Ways to Avoid Wasting Money on Your Tech Gadgets

Don Tennant

Come on, admit it. No matter how tech-savvy you are, you're probably like the rest of us and would love to have at least one do-over after buying a tech gadget. Maybe you realized after the fact that you paid way more than you had to for it. Maybe what you purchased became obsolete a few weeks (or perhaps even days) after you signed the dotted line.

 

Andrea Woroch, a savings strategist with Kinoli Inc., a Colorado-based producer of websites aimed at money savings, has come up with a list of eight tips to help people get the most out of their electronics purchase. I found them useful, and worth sharing here:

 

  • Use the news. Nothing kills the excitement of a brand new gadget like discovering a price drop days after you've opened the box. In fact, many holiday shoppers are suffering through this exact scenario, thanks to a recent $100 price drop in several popular tablets. Avoid getting stuck in this predicament by tracking the news on products you're planning to buy. Big cuts are usually announced in advance to help stimulate sales.
  • Read reviews. User reviews are a great place to start your electronics education. They'll help identify common problems so you can steer clear of troublesome products. Poorly reviewed items are usually the first to plummet in value, since manufacturers need to unload such inventory to make room for new, higher-quality products.
  • Cut the initial cost. There's no secret formula to preserving value, but there are plenty of ways to cut the initial costs. Find coupon codes for Dell, Newegg and other popular retailers on such sites as CouponSherpa. When making high-dollar buys, don't shy away from haggling, either. Most items include a certain amount of mark-up, and most managers would rather sacrifice a few dollars than lose the sale altogether. Just make sure you're prepared to buy, if they meet your price.
  • Protect what you've got. You don't have to coddle your iPad like a newborn, but keeping it protected pays off in the long run. Simple actions like adding a screen protector and case ensures a longer, healthier life for your gadget. It also helps preserve any resale value you hope to get in the future. Don't bother buying brand-name, though. Quality cases, cables and covers are abundantly available online for a fraction of the price.
  • Recognize that quality matters. Though low price tags can tempt even the most careful consumer, it's best to avoid the cheapest of the cheap. Simple logic should tell you there's a good reason for an item being priced $100 less than its closest counterpart. When you're already laying out a good chunk of change, it's often worth spending a little more for quality.
  • Wait it out. At some point you have to put a price tag on bragging rights. Is making your friends green with envy over your 3D HDTV really worth a few hundred dollars? Electronics are never at a higher price than when they're brand new. Ignore the hype on new releases and give yourself an extra six months before buying. While the waiting seems interminable, you'll get a good understanding of the item's quality and can still keep an eye out for special offers and sales.
  • Take advantage of the old switcheroo. One of the best ways to enhance the value of your electronics is making a trade. Your two-year-old HDTV is as good as trash to a major retailer, but someone just upgrading from tube technology would consider it a treasure. Using sites like Swap.com or even Craigslist to trade unwanted items lets you assign your own value and keeps unnecessary waste out of landfills.
  • Beware of buyback restrictions. Many popular merchants now offer buyback programs promoting value preservation for customers. However, some of these programs are quite counterproductive and come with many restrictions. For example, the maximum possible payout from Best Buy's program is only 50 percent, and that's within the first six months. The retailer's program also requires you to pay a fee to participate, and discretionary details, like product condition, can significantly detract from the resale value. When considering a buyback program, look for one that doesn't cost extra and provides payment in cash, not just store credit.


Add Comment      Leave a comment on this blog post
Jan 20, 2012 10:57 AM Ken Ken  says:

Wait six months?  I try to wait 5-10 years.  I went from a 3.7-megapixel camera that cost $400 at the time to a 12.1MP that cost $120.  I just got rid of my CRT television four months ago in favor of my first LED.  And I'm still waiting for cell phones to prove themselves more than a fad.

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Jan 23, 2012 5:35 AM Ali Ali  says:

My method of not wasting money on tech is to buy electronics 2nd hand. Technology moves really fast so the value of our electronics depreciate quickly. That's why i sell my electronics within one year before the value drops to half its original price. That way I retain more of the value, and I can invest that on upgrades and I dont need to spend as much extra on it.

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