Everyone deserves to splurge on a big-ticket item now and again. Whether you are looking for a new computer, a bigger TV screen, or some other large purchase, you don’t need to go in blind. Research and planning can make purchasing an expensive item so much easier in the long run. Since you have the internet at your fingertips, there is no excuse not to gather information in hopes of getting the best deal possible.
How to thoroughly research any item
Before opening your wallet, you want to make sure that you are getting a good deal on a quality product. It takes more than just looking at the top Google search result to make up your mind. It is very easy to rank a website or product listing on the front page of search results by optimizing SEO. This means that you must do some digging if you want the full story about any particular item.
A great way to gauge the quality of a product is to look at user reviews. These reviews can be found on the product listing page of any reputable online marketplace. While you can learn some things from one and five-star reviews, you will want to focus on reviews that rated the item either a two, three, or a four. Reviews in the middle of the spectrum usually provide more comprehensive info from a genuine person. Reviews on the extreme ends of the scale are often quite hyperbolic in nature.
Finally, you want to look up articles and opinion pieces from as many different sources as possible. Instead, f focusing on one or two reviews, look at the bigger picture by examining trends that persist across many reviews. If multiple people are all saying the same thing, chances are there is a solid amount of truth to it.
Payment Methods
There are three main ways that you will typically pay for a big-ticket item. You can save up money and pay in full, you can get financing, or you can put the charge on a credit card. Each approach offers pros and cons that should always be addressed before making a purchase.
Saving up
Setting aside money each week until you have enough to buy something outright is the safest choice by far. The pro here is that you know you have enough money to exchange for the item. You trade the money and there are no strings attached to owning it. The downside is that this method takes a long time. It requires discipline and patience to save up over the course of several weeks or months.
Financing Options
Most manufacturers of big-ticket items know most people will have trouble saving up. That’s why they offer financing plans that allow you to pay for items over time. While these plans are kind of like loans, there is usually little to no interest if you make each monthly payment on time.
The pro is that you get the item right away. The con is that you need to make sure to pay monthly for the duration of the term. Should you miss a payment, large penalties will be applied. The item may also get repossessed if you get too far behind on payments.
Using a Credit Card
Finally, you can just charge your credit card. This is the easiest option as it requires no paperwork or additional effort. You get the item instantly and that is that. The downside is that credit card interest is through the roof. If you don’t pay it off in a month or two, you will be paying a boatload more than if you bought the item outright.
Major Sale Days
The best way to buy any big-ticket item is to wait until the right time of year. Major sales occur on days such as Black Friday, Cyber Monday, and the Super Bowl. There are also special online events like Amazon Prime Day that allows members to capitalize on huge savings. In these types of sales, electronics and other pricey products can be marked down several hundred dollars. For this reason alone, it is always worth waiting for these sale days. Scout the ads as early as possible and be willing to wait in lines if you plan to visit a retail location.
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