Savvy shoppers know that timing is everything. Outside of a strong savings plan, you can give your budget a boost by strategizing the best time of year to make large purchases. Sure, everyday items can be grabbed on the go, but things like cars and appliances can require more strategic planning.
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Money experts agree that the best time to make a large purchase depends on the item. Different shopping holidays can bring steep discounts, as retailers aim to hit sales targets and clear out inventory. Understanding these seasonal trends can help you stretch your dollars further.
Here’s your month-by-month guide to the best times of year to make large purchases–and how to shop smart while doing it.
Spring and Summer
Expect deals on furniture, appliances, clothing and other items during holiday weekends like Memorial Day, Labor Day and Fourth of July. Don’t forget that Amazon Prime Day is also typically in July, which makes for a much less expensive online shopping spree. Not only can you get a wide variety of clothing and everyday items at low prices, but you can also find deals on more expensive items.
- Tools: Father’s Day in June is an excellent time to buy tools at reduced prices. Power tools can cost a pretty penny, but getting a discount during a Memorial Day sale could help you buy Dad everything he deserves at a fraction of the price.
- Furniture: Prime months for couches, tables, chairs and more are during the spring and summer because new furniture designs typically arrive in stores in February and August, prompting discounts on older models.
- Mattresses: Mattresses are usually on sale during holiday weekends such as Memorial Day and Labor Day. Keep in mind that some of the best deals also appear during year-end sales when trying to restock new inventory. However, the most common discount occurs during the two holiday weekends bookending spring and summer.
- Outdoor gear: As summer ends, outdoor products are often discounted in September and October to clear the decks for winter merchandise. This means summer is the best time to buy these items for the next season you’ll need them.
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Fall and Winter
The last quarter of the year, which typically includes October, November, and December, stands out as the optimal period for making many major purchases. People will line up or make sure they are online when big Black Friday sales and Cyber Monday deals go live.
Not only is this a great time for buying electronics, but also to kickstart the holiday shopping season with a bang. Here are just a few big purchases you’ll want to wait for discounts on before purchasing.
- Cars: Late December is particularly beneficial for car buyers. Dealerships are under pressure to meet year-end sales quotas and clear out old inventory, offering substantial discounts.
- Homes: Typically, the housing market cools down in the fall and winter months, starting in October and extending into February. Sellers during this period are often more motivated, potentially leading to better deals for buyers.
- Appliances: Look for significant markdowns during November and December as stores push holiday sales and clear out old stock to make room for new models. The colder months also see less competition among buyers, which can result in lower prices and a less stressful buying experience.
- Electronics: Black Friday and Cyber Monday, which fall in November, are famous for extraordinary deals on electronics. Back-to-school promotions in late summer can also offer good savings.
- Jewelry: After the Christmas holiday rush, expect prices to go down in January when demand wanes.
Final Take To GO
Though most retailers offer sales throughout the year, the holidays (before, after and during) can be the best time to make your next big purchase. Understanding these timing strategies not only helps in planning financially, but it also ensures you get the best value for your money.
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This article originally appeared on GOBankingRates.com: The Best Times of Year To Make Big-Ticket Purchases
