In a world powered by technology, we as creatures of impulsive shopping, are continually looking for the latest gadgets in the market. While a new gadget might improve your quality of life, you shouldn't term these splurges as investments. Just like cars, electronic devices have depreciating value as soon as you buy them. Shorter product shelf periods and the market saturated with similar products add to the fast degradation of these gadgets. Our ever-decreasing attention spans are not helping the situation either. Hence, we find ourselves inundated with unnecessary new devices that we can easily do without.
Often, buying the newest is not the best option. Fighting the urge to invest in the latest gadgets may feel like a losing battle, but mymoneykarma gives you five reasons why you should keep fighting.
In an attempt to maximize their profits, electronic manufacturers often flood the market with advertisements applauding the newest devices. This makes it harder for us to restrain our buying impulses. While many tech geeks might justify buying the latest device for the latest specifications, the differences between the new and old devices might be minimal with a steep increase in the price. Since many electronic retailers charge restocking fees amounting to 10 to 15% of the purchase price of an item, your impulsive shopping could cost even more in the end.
Right from the time your phone or tablet develops the first crack, you start browsing the market for newer models to replace it. The common issues such as cracked screens, broken charging docks and buttons, liquid immersions, corrupted RAM, and damaged components can be easily resolved at a fraction of the cost of a new device. This can save you thousands of rupees. This can save the world from adding yet another piece to the heaps of e-waste. Restoring your old device also saves the raw materials needed to make a new one, which can only be good for the environment.
With the release of newer models, the prices of older models of various electronic devices take a significant hit. Yet you forget this established fact for the lure of the new device. The newer devices mostly have minor modifications from the older ones. Look for last year’s models for deep discounts and amazing offers when you’re out shopping for a new electronic device. You may probably have a better chance at haggling on the older devices too.
Electronics are always the costliest when they are newly launched. With time, the buzz around the gadgets goes down along with their prices. Holding off to buy that phone you've been eyeing can result in significant savings. Waiting out the hype can yield you a significant drop in the prices of the items you want. The extra time also gives you a chance to reflect if you really want the device or if the early users give a positive review.
The best way to buy any electronic item is to buy it refurbished. Though refurbished items are infamous for their degraded quality, but in most cases, refurbished items are simply the result of the previous buyer returning them without opening the boxes.
Some refurbished devices are merely older models that are sold for less to make room for the updated versions. There are hardly any cases where the refurbished models have performed poorly compared to the new models. The warranty, specs, and looks remain similar to the models but the retail packaging is typically replaced with a plain box. When searching for refurbished options, look for those that come with a purchase guarantee which ensures the replacement of the model if it is found to be faulty. You should also ideally buy refurbished items from a reputed seller/distributor.
New electronics and the latest gadgets are always enticing, and the urge to buy a new device is rarely controllable. But it makes more sense to explore other alternatives that can get you the gadget of your dreams at a lesser price and save your money.