The lure of luxuriating in a brand-new home, vehicle or outfit is extremely enticing for many people. However, being able to pay for all that glittery, brand-new goodness can be a challenge, especially if you struggle with saving and budgeting.
Financial experts recommend carefully evaluating your income, spending habits and credit prior to purchasing new. For example, if you are eyeing a new vehicle, it’s a good idea to save at least 20 percent for a down payment rather than borrowing the total amount due. If you don’t have the cash, then look at raising some by trading in an older vehicle, or try selling your car privately. The latter could net you upwards of $1,000 more than a traditional trade-in. Before buying a new vehicle, you should also consider how much you will be spending on maintenance, fuel, and insurance. A quick call to your insurance agent will let you know whether your new ride will cause your premium to rise.
You can apply some of the same tips when purchasing brand-new appliances. Updated refrigerators, stoves, washing machines and dryers can add up quick. To maximize your money, look for seasonal sales on new appliances and compare brands and features prior to committing to a price. After all, no matter how nice an appliance looks on the outside, if you aren’t going to use the majority of the features it comes equipped with, you are wasting money.
If you’ve budgeted some, but not all of the cash you need to cover the cost of a brand new appliance, consider visiting a factory store. Often, you can save hundreds of dollars by purchasing directly from the manufacturer than by shopping at a retail store that acts as a middleman. Also, when shopping at factory or outlet stores inquire about “scratch and dent” items. The minor flaws are typically just that. The appliance is in perfect working condition, but floor models sustain a little wear and tear due to customer traffic. You can usually get between $50 and $100 off the posted price, depending on the damage.