Gadgets

Top Tips to Afford Luxury Gadgets Without Breaking the Bank

Gadgets are cool, but let’s face it – they’re not cheap. When you’re trying to save up for a new smartphone or laptop, it’s too easy to get caught up in the excitement of that shiny new thing and forget that it has real-world costs. However, there are ways to save money on luxury gadgets without sacrificing quality or performance. All you have to do is know where to look and what questions to ask.

Buddy Up

One of the best ways to save money on a gadget is to share it with a friend or family member. You can split the cost of the gadget and save even more money on delivery and installation. It is beneficial when personal luxury retail sales in the US are expected to reach around $110 billion in 2022.

It is a great idea when you’re buying something big, like an HDTV or home theater system. If you have room in your living room, why not get one larger than what you’d normally be able to afford? Your friend may also enjoy watching sports with friends, so maybe they’ll want to invest in one too.

Consider Rent-to-Own

Rent-to-own is a great way to get the gadget you want at an affordable rate. Rent-to-own services let you rent gadgets online from your favorite brands and, more importantly, at competitive rates. 

That’s because, unlike other companies that sell gadgets on credit or layaway plans, these services allow customers to make monthly payments for up to 12 months or longer, depending on the terms set out by each store.

Let’s say you’re looking for an iPhone 11 but don’t want to shell out $1,000 all at once just yet. You might worry that it’ll put too much strain on your budget or clash with your current phone plan. In such a scenario, a rent-to-own option could be just what you need. If this sounds like what works best in your financial situation right now, you can check out these options.

Buy Off-Season

You’ve probably asked yourself, at one point or another, when is the right time to buy? Well, the answer depends on what you’re looking to purchase. If you’re looking for clothes, shoes, and accessories, it’s best to wait until after Labor Day when retailers put their remaining summer merchandise on clearance. 

For gadgets like smartphones and laptops, however, it’s advantageous to wait until after brands introduce new models. That way, there will be less demand for older models.

A good rule of thumb is this if something is too expensive during its first run in stores but becomes available at a discount shortly after that, give yourself some breathing room before making your purchase. This way, if the price drops further by the time it comes back into stock again later in the year or next year, you’ll know about it and can take advantage of any savings.

Buy the Previous Model

A new product is released yearly, and you might want to own the latest and greatest technology. But if your budget doesn’t allow for it, there are ways to save money on luxury gadgets. Apple tends to drop the prices of previous models before the launch of the latest models.

One of the easiest ways is to buy the previous model of a new device. The previous model will have all the features and functions as the latest one but at a lower cost since it’s been discontinued. You can still get a good deal on these items because they’re not in demand anymore, so retailers are willing to sell them at discounted prices.

Look Out For Bundle Deals

Bundle deals can be an excellent way to save money. One reason they’re so popular is that they only require you to pay one monthly payment instead of each item separately, and who doesn’t want more options? That saying about “the whole being greater than the sum of its parts”? That applies here.

But bundles aren’t just about saving money. They’re also great if you want a reliable product guaranteed not to break down on you. Some bundle deals include warranties on all the items included (which is super handy).

Consider a Second-Hand Gadget

Consider the benefits of purchasing a used or refurbished gadget. Many people with a gadget for sale on eBay, Craigslist, or Amazon want to upgrade to a newer model. 

You can often find great deals on high-quality electronics at meager prices (sometimes as much as 50% off). In 2021, the number of mobile devices worldwide stood at almost 15 billion, and someone always tries to sell their smartphones for a new model.

Check the warranty before making any purchase. You don’t want to buy an item only to discover that it has no warranty or limited coverage in case something goes wrong with your device after purchase. Refurbished gadgets usually come with some guarantee attached by their sellers, so ensure you’re getting what you paid for by checking this information out beforehand.

Conclusion

With these tips, you can be confident that your next gadget won’t break the bank. Whether you’re looking for a tablet or a smartwatch, consider renting it before buying it outright. If money is tight and you don’t plan on using the item often enough to warrant the purchase price tag, then consider buying an older model or second-hand version instead. 

And remember, if all else fails, there’s always going down this path of buying refurbished electronics.

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