Information of importance recommended by Mark La Spisa,
Making a big purchase that you have saved up for can be really exciting. But, you need to be sure you don’t rush things – make the smartest purchase possible. When you are looking to buy something big, you should start off by doing research and comparison shopping. One of the most overlooked steps is to ensure you are buying at the right time of year. Here’s a guide for your upcoming purchases to determine the best times to buy.
Homes… Buying a home is one of the biggest purchases most people will make in their lives. There is a lot of legwork that goes into it from researching neighborhoods to securing financing. When you start out on a home search, keep in mind that you might be able to negotiate a better deal in the winter because there are less buyers out there willing to search in bad weather or around the holidays. On the other hand, a home search in the spring and summer means there is more inventory available. Renting in many major cities is more expensive in the late spring and summer because there is more competition. Most people who graduate in June and move to the city stay on a summer renting cycle.
Electronics… These items can be overwhelming to buy because there are so many makes, models and features. Many electronic sales coincide with cyclical events. Laptops are discounted to coincide with back to school. New videos games that were released for the holidays often go on sale the following summer.
If you are in the market for a new phone and are flexible, don’t purchase the latest version of the phone. Wireless providers sell the two older models at steep discounts.
If you are in the market to buy appliances, Sundays are a good day to buy and there are always big sales around major holidays. Plan ahead and purchase an air conditioning unit or fan at the end of the summer to use next year.
Transportation… There are two important factors to keep in mind when buying a new car. First, salespeople often work on commission, so the end of the month can be a good time to get lower prices and have extra negotiating power. Second, new car models are released at the end of the summer which is a good time to get discounts on the current models.
As you might expect, the best time to buy both boats and motorcycles is the winter. Most people aren’t thinking about their warm weather activities this time of year and retailers offer discounts to get people in the door to make purchases.
Most times, airfares should be bought two months in advance and you can utilize a fare forecaster like Kayak.com to see how your trip’s fare is trending. If you can’t book in advance, you can still get a deal because many airlines offer last minute discounts. Follow airlines like Jet Blue on Twitter to get last-minute flight deals. Amtrak’s SmartFares also offers weekly discounted rail deals for travel the next week.
Home Décor… During the June/July wedding season, retailers want to take advantage of ceremony-bound shoppers. Department stores and home stores host sales to increase foot traffic, anxious to move merchandise that is already on the floor. Spring and Fall are good times to take advantage of the inventory movement at garden centers.
Furniture… Many new furniture lines are released in the Spring and late Summer, so look out for sales right before then to purchase items before the new inventory arrives. Patio furniture always goes on sale at the end of the summer season and you can find good deals on recliners before Father’s Day.
Just remember to do some research beforehand, and Spend Wisely when the perfect time comes around.
Note: The opinions voiced in this material are for general information only and not intended to provide specific advice or recommendation for any individual. Please remember that past performance of investments may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this newsletter (article), will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this post serves as the receipt of, or as a substitute for, personalized investment advice from Vermillion Financial Advisors, Inc. To the extent that a reader has any questions regarding the applicability of any specific issue discussed within this newsletter to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. A copy of our current written disclosure statement discussing our advisory services and fees is available for review upon request.
Charles Schwab