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I don't have a lot of money, and my allowance is very low. I'm trying to save up for something that is a new electronic product but I found out it will take about 6-7 months to save up for it, and that's if I don't spend any money on anything. How long does it usually take for new electronic things to get cheaper? (by like $20 or more) Thank you!
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Dear Buyer:
Usually, the mark-down of an electronic part depends on a variety of factors: i.e., newer models coming out; competition involving cheaper knockoffs arriving; compatibility and usefulness; etc.
Trendy technology, (the Furby, for example, or a Tamagotchi) wears out the quickest, because the same desire that picked up on the technology in the first place has moved on to something cooler and newer. Games and software (unless they have won awards like “best game of 2003”, major brand names like WarCraft or Diablo or are industry-related software (Adobe Photoshop, for example) usually fall under this category.
Staple items, like printers, screens, hard drives, blank CD’s, etc., usually have stable prices but can be subject to Sales surrounding school-beginning times, Christmas, and “fall blow-out sales”.
New technology (and here is where the Whatever-It-Is that you want to buy falls into) is the hardest thing to calculate since it’s, well, new. If it seems like it’s not selling, shop keeps will mark it down, but if it seems like a hot product, the price will stay the same, and if it’s Really Wicked Hot Stuff, the price will go up. The Supply-and-Demand law of economics applies here:
If an object is in low demand, but there’s a lot of it, then the price will go down.
If an object is in high demand, but there’s a lot of it, then the price will continue to stay the same, raising only as the supply dwindles, AND
If an object is in high demand, and there’s not a lot of it, then the price stays high- at a premium high- and the Shopkeepers gladly toast their clientele while going, “JACKPOT!”
HOWEVER, new technology may also be subject to sales seasons, which are entirely up to the shop keep’s decisions.
SO, if you are looking for your product to get cheaper, then the first thing to do is to scan the market. What are people saying about it? If the praise is good, then odds are that it will take a while for the fever to come down. If the praise is okay or poor, odds are that the price will come down within a couple of months. Either way, I think your product will come down by or before your 6-7 month deadline.
You may also want to check into knock-offs: products that do the similar function, but sacrifice performance and looks for price. Some people want the lower price, no matter what, but others want the best equipment. It’s entirely up to you.
Liquidation Marts may be a good place to check out, particularly in the countryside, since country folk may not have need/are not interested in/can not afford new technologies. (This is not meant as country-folk bashing, since I am not an urbanite myself.) Check online places, but mind the shipping!
My best advice to you is going to be: save up for your buy, because sooner or later you will have the same money as you will need to buy the product- sale or no sale. If you can afford to get a job, then look for one, because generally extra income = faster savings = money left over = more stuff! Hint at your relatives that you want to get this product, and instead of Yule presents you would like some cash instead. Offer to cut the lawn for your elderly neighbour and negotiate a price that’s acceptable for you both. These are particularly useful technologies for younger people, since by saving you appear to be showing a measure of “responsible adulthood”.
Either way, good luck, and enjoy your product when it gets there!
Yours in the Electronics Aisle,
Thrantos “Technical Grrl” Ellowey
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