Buying big ticket items: There is a lot to consider
But just because a consumer can find great deals during the holiday season does not mean he or she should jump at the first deal that comes his or her way. In fact, consumers should consider a host of factors before buying a big-ticket item during the holiday season.
- Rebates: Inexpensive items are not often associated with rebates, but costly items like televisions, computers and cameras may be eligible for manufacturer rebates. If you find an item on sale but the merchant knows nothing about potential rebates, contact the manufacturer prior to purchase. You might save money by purchasing a slightly more expensive item that offers a rebate instead of a heavily discounted item that does not come with a rebate.
- Returns: Before purchasing a big-ticket item, talk to a merchant about the company's return policy. Some merchants will offer a full refund if an item is returned within a certain time period, while others may only offer a partial refund. But some merchants might be willing to work with you if you purchase an item only to find it is being sold for less money by another retailer.
- Warranties: Most electronics and appliances already come with a standard manufacturer warranty. If you're leaning toward purchasing an extended warranty, know exactly what it does and does not cover before buying it. Many of today's appliances are built to last years, and the extended warranty might not cover problems that result from normal wear and tear. Research the product, including consumer reviews, so you know what problems to expect from it.
- Price: The price of an item is the determining factor for many buyers. If the price is right, consumers will buy an item. If not, they're likely to move on. But even if the in-store price for a big-ticket item seems like a great deal, it's still in a consumer's best interest to shop around. Many retailers offer better deals online than they do inside their brick-and-mortar stores, and you might even be able to pick the item up just as you would if you bought it in-store. In-store pickup can save you the cost of shipping, which can amount to considerable savings. Don't be too quick to purchase a big-ticket item no matter how deep the discount. Be patient and comparison shop. Doing so might save you hundreds of dollars.
- Reputation: A good deal is only a good deal if you're getting an item that's worth buying. Do your homework before buying a big-ticket item, researching its pros and cons. Consumer reviews can be an especially valuable resource, as consumers like you have no incentive to embellish or mislead others about a product. The product's reputation among industry professionals and fellow consumers should bear considerable weight in your decision-making process. A heavily discounted piece of junk is still a piece of junk.
The holiday season is a great time to find bargains on big-ticket items. Educated consumers can come away with a great deal and a great product.