Money Saving Monday Tip #10 – Patience is a virtue
Romans 8:25 – “If we look forward to something we don’t have yet,
we must wait patiently and confidently.”
When the iPhone was released I had serious phone envy. While I wouldn’t buy one since my company provides blackberry integration nor due to the high price. I do love the interface on the iPhone. As the release date came and I watched various online websites that were following the story, I couldn’t believe the number of people waiting in line to pay $599 for one. I mean $599 for a phone!
Then, when Apple announced the $200 price drop 2-weeks ago, I just felt sorry for the people who waited in line for hours and paid the additional $200.
I think this whole story is just a really concrete example of something we all need to have a little more of, patience. Many of us seem to have this strong desire to have the latest and the greatest. We want the latest car models, HD-DVD players, gaming systems, HD-radios, kitchen appliances etc, etc. Why? Generally so we can impress our friends and neighbors.
The fact is: Waiting will get you the best price. This is particularly true with electronics given their tendency to rapidly price drop in a very short period of time. Here’s a few tips:
- Wait 6-12 months to purchase newly announced electronics. Not only will you get a much better price, but they are often more reliable as the manufacturer has worked out the “kinks” by then.
- Wait for new books to come out on paperback. Of course using your local library is the best option, but if you are a book nut like I am the best option for purchasing a book is to wait for the paperback release. Paperbacks are often 1/3 of the hardback price. If you must purchase a hardback, than wait a couple of weeks to receive discounts.
- Buy last years model. Many products, including cars change year to year. For the most part they are very similar, just a few minor features here and there. If you purchase last year’s model instead of the current model you can save a tremendous amount of money. With cars, this is even more true when the manufacturer changes the design.
- Buy used. - Let someone else take the initial depreciation hit on an item. By doing so you can save money and get an the item in as good as new condition. eBay and Craigslist are both great resources for doing this. You and often find newly released items but used items on eBay within a few days after they go on the market.
Let’s look at a few examples:
- Sony Blue-ray disk player (affiliate link) - Initial Price: $999, Price Today: $439, a savings of $560
- Motorola Razr V3 (affiliate link) -Initial Price: $460, Price Today: $60, savings of $400
- PlayStation 3 (affiliate link) – Initial Price: $600, Price Today: $500, savings of $100
The list goes on and on, but hopefully this will give you some insight into how being patient and just waiting a little while can save you significant amounts of money on purchases. Avoid the peer pressure of having the latest and greatest and needing to be the first person on the block to own some new gadget or model. Instead, be patient and wait for the price to drop, then you can laugh and “rib” your neighbors for paying so much for it!