How to Save Money on Big Ticket Items

It is easy to save money on small purchases. You clip a coupon and take it with you to the grocery store to save fifty cents here or ten cents there. Those savings do add up and they can be very valuable over time. However, it is also very important to learn how to save money on big purchases as well. That’s where you can really save a lot if you’re smart with your purchases and it’s an area of saving that many of us don’t know a lot about.
                     
Here are some tips for saving money on big ticket items such as cars, appliances and consumer electronics:

• Look for rebates. It isn’t easy to find coupons for expensive items. When you do, they really save you very much compared to the total cost of the purchase. Instead, you want to be looking for rebates. This is where some real savings can take place. Government rebates are your best option. When buying appliances, for example, check your recent state government rebate options where you’ll often find rebates if you choose energy-saving or green devices. Likewise you can sometimes get government rebates when buying green cars or even green computers. And manufacturers also offer rebates (especially for computers and other consumer electronics). Make sure that you cash in the rebate as soon as you make the purchase so that you get the money back as quickly as possible.

• Check group buying deal sites for expensive services. The one time when it’s possible to get coupons for expensive purchases is usually through the use of group deal sites like Groupon and LivingSocial. If you are interested in the services that are being offered on these sites (salon services, hotels and travel services, etc.) then you should certainly take advantage of these offers. Just make sure that you’re not indulging in impulse purchases on those sites that waste money instead of saving you money.

• Buy used. One of the leading ways to save money on expensive items is to buy gently used versions of the item. This is true for everything from a slightly used car to a once-used designer dress found at a thrift shop. It’s particularly true with consumer electronics and high-tech gadgets; people often rapidly turn over these products on sites like eBay because they want the hottest new gadgets even if the ones they’re using are perfectly fine. The one thing to be aware of is that used items might not have the same warranty protections as new items.

• Shop at auction. One way to save money on very expensive items is to attend auctions. This can be a very time consuming process and you may not immediately find what you want. However, you can save a lot of money in the long run if you shop this way. School auctions and police auctions are two examples of auctions that the public can attend to save money on everything from computers to cars.

• Purchase expensive items in the off season. For example, if you are considering buying a boat then you should make this purchase right at the end of the summer rather than at the beginning of the summer. If you want a brand new car then get it at the end of the year of its release instead of the beginning. Make weather-related updates to your home in the opposite season of when they’re needed. This isn’t always the cheapest option, so look at prices carefully, but it’s often a smart way to go.

• Do your research. It is always smart to take the time to shop around when making any purchase. You can often find a slightly better deal just by choosing the right place to make the purchase. This is especially important when making a purchase of an expensive item. Take the time to shop around to get the item that you want at the very best price possible.

• Save up to pay cash for the item instead of getting a loan. Many people purchase expensive items using credit cards or loans and then end up wasting a lot of money on interest as they pay back the purchase. Identify the items that you want and save up to get them instead of getting a loan. Even with very expensive items, such as a new home, you can save up a large chunk of the cost of the item to reduce the total amount of the loan that you need to take out.

Sujan Patel is the managing editor for Free Insurance Quote, a leading site providing insurance quotes and advice.