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Pixabay. CCO Licensed.

Many of us spend a shocking amount of money on electronics. This doesn’t just include the purchase cost but also the running costs such as repairs and energy bills. If you’re thinking of buying a new TV or a new laptop or a new set of speakers, here are just a few ways in which you can significantly reduce costs.

Time your purchase right

There are certain times of the year (and even certain times of the week) when you can get better deals on electronic items. By waiting a while and timing your purchase strategically, you could save money.

Timing depends a lot on the type of gadget you’re buying. If you’re trying find out when to buy a laptop to get the best deal, you could find that this differs from the best time to buy a smartphone. For example, prices on older models tend to fall when the latest models come out – for laptops this tends to be April, whilst for phones this tends to be September.

That said, there are a few times of the year when all gadgets are reduced. The Black Friday weekend (including Cyber Monday) in November is a popular time to grab discounts on electronics. January is also a popular time for reduced prices – many stores will try to clear their Christmas stock by hosting January sales.

Weekdays also tend to have more deals than weekends. This is because there are less shoppers and so stores often have to use extra incentives to draw in customers. 

Hunt for coupons online

Online coupons could help you to score further discounts on electronic items. Many retailers offer coupons for a limited time which you can find on coupon sites. Signing up to electronics retailer mailing lists can also sometimes give you access to coupons.

Some newspapers and magazines also offer coupons, although this isn’t as popular as it used to be.

Ask to buy the display model

In physical stores you’ll often find a model that is there for display purposes. This could include a TV that is switched on for people to view or a laptop that is turned on for people to test out. Stores will often sell these display models at a reduced price because they’ve already had some minor usage. Often there’s nothing wrong with these display models, so you’re still getting the same quality of use.

Some stores will only offer to sell the display model once all other stock has been sold. Other stores may be willing to sell it if you request to buy it (in other words, there’s no harm in asking).

Read reviews

Product reviews can give you a good idea of just how reliable a certain model of gadget is. By ensuring that the model is reliable, you could save money in future repairs.

It’s worth reading a mixture of user reviews and professional reviews. User reviews can put things in simple English and may offer practical information on the pros and cons. Professional reviews can offer more in depth information and may be able to offer comparisons to other products on the market (there are a number of sites that offer comparison guides, reviewing multiple products at once).

Compare finance options

If you haven’t got much in savings and don’t fancy buying on credit card, buying on finance might be a necessary option when buying electronics. You should always consider the interest rates before taking out a finance schemes. Some stores offer zero interest finance schemes on electronics, but this is rare unless you’re able to pay a large deposit.

Take the time to shop around retailers to see what finance schemes they’re all offering. By finding the lowest interest rate that you can, you can save a lot of money in the long run.

Consider energy usage

Energy consumption is a big running cost to consider when buying electronics. Certain electronic appliances will use up a lot more power than others so it’s worth researching the energy rating.

Most appliances are rated from G to A (with A being the most energy-efficient). Certain appliances like TVs can extend up to A+++ – these models can be 90% energy efficient, whilst a G-rated appliance could be as low 65% energy efficient. By buying an appliance with a good energy rating, you could see lower energy bills.

Of course, how you use your appliances can have a big impact too. Many electronic appliances continue to consume power when plugged in even if they’re switched off, so consider unplugging these appliances when not in use. You should also try not to leave appliances like PCs and TVs in standby (although modern devices do consume much less power when in standby than older appliances).

Don’t extend the warranty

A lot of gadgets nowadays come with a free warranty, usually lasting up to a year. After this year’s warranty, you may be given the option to extend your warranty for a small monthly fee.

In most cases, such warranties aren’t worth the money. Many of us spend less in repairs than the overall amount spent on a warranty. A lot of warranties also have sneaky terms and conditions which may not include for certain types of damage. You’re best to simply have some savings set aside for home repairs or use a credit card.

Know when to repair, when to replace

It’s also important to know when to repair and when to replace. This depends a lot on the age of the gadget and the cost of repairs versus the cost of replacement.

All electronics have an average lifespan, after which there’s a greater chance of numerous parts degrading, making replacing the more economical option. This varies from gadget to gadget – the average lifespan of a laptop is between 3 and 5 years, whilst the average lifespan of a TV is 5 to 7 years. Obviously, this depends on the usage – a TV that is constantly on for most of every day may only last four years, whilst one that is rarely used may last as long as ten years without problems.

If you encounter faults within the first couple years, it may be worth repairing and not replacing. Obviously it depends on the nature of the damage. If a laptop needs a entire hard drive replacing along with other parts, it may not be worth repairing, but if it’s a case of a cracked screen then it’s well worth repairing.

Prioritize your needs

Sometimes the easiest way to save money on a new TV is not to buy a new TV at all. Many of us are too eager to upgrade to the latest model even if there’s nothing wrong with our old model. In such cases, you don’t have a need for a new TV – you simply want it because its flashier and cooler than your current one.

Certain gadgets may not even be necessary at all such as a VR headset or a tablet. It’s fine to splash out on these if you’ve got the money, but if you’re living on a tight budget you should weigh up whether you really need them.