NEW YORK — Consumers sometimes buy gadgets out of necessity, but often such purchases are fueled by a particular passion or hobby. Consumers line up for the latest incarnation of a smartphone or must-have gaming system, but just because a gadget is the current must-have item does not mean consumers have to overpay for it.
Without knowing how much products really cost, it can be challenging to gauge just what is a good deal. Unfortunately, information on price markups on popular items is relatively difficult to come by. There are a wide array of retailers, from boutique shops to online warehouses, so there is no standard pricing rule.
According to the site Wise Bread, a forum on living frugally, electronics have the lowest price markup rates of any products at just 8 to 10 percent. Armed with this information, those shopping for the latest gadgets can more accurately compare prices to find the best values.
Here are some other ways to save money on electronics.
Stepping into the first store you see and making a knee-jerk purchase is not often the way to get the best deal. Whatever the purchase, always do your homework, comparing prices online or in-store to determine the best values. Look at potential hidden fees, such as shipping charges (when buying online) or restocking fees.
Explore all means possible to get coupons for your purchase. Shop when stores are having doorbuster sales and then combine this discount with coupons found online, in newspapers or through community coupon books.
It’s always worth a few minutes of your time to search for a discount code or a coupon. And even if you don’t have a coupon, do not be shy about asking a checkout employee if any discounts exist.
If you’re in the market for a new high-definition television but are scared away by some of the price tags, separate what you need from what you want. When you strip away certain features, such as internet connectivity or home maintenance software, you could save hundreds of dollars. With any purchase, start at the base model, which may fit your needs without breaking the bank.