To save money, here’s the best and worst times to buy things
NEED to buy a slow cooker? Wait till next month. Want a new lawnmower – or an iPhone 14?
It’ll be cheaper in August.
But if you’re after football boots, now’s the time to buy. They can be more than half price in February, according to a new study.
Timing your household purchases is the latest tactic touted by consumer experts as a way to save money, in their battle with the cost-of-living squeeze.
Comparison site PriceSpy has come up with a list of the best and worst times to buy certain products, after looking at the fluctuating prices of more than 700,000 items last year. And it’s always worth keeping an eye out for price drops throughout the year, as some retailers may have unexpected sales in order to shift stock. A warm winter means there are lots of unsold coats, for example. Unsurprisingly, PriceSpy’s research demonstrates that buying non-food products slightly out of season can deliver big savings. For example, putting off the purchase of that new garden furniture set until October can save you around 12%. But you’ll pay a premium by buying products when they’re most in demand. Buying a BBQ in the middle of summer could cost you an extra 14% and buying skis at the beginning of the ski season in November may set you back an extra 26% – so get your ski stuff well in advance if you are planning a winter trip.
Those who are keen to spruce up their garden might want to purchase new products for it now, ahead of spring, but they should hold off if they can.
PriceSpy’s data suggests that August is a good month to get a new lawnmower, while garden furniture is cheapest in October,
when shops are clearing stock.
‘Knowledge is power, and knowing the best time to buy certain items means people can make their money go further,’ says Liisa Matinvesi-Bassett, at PriceSpy.
Laptops tend to be 8% cheaper in January after the rush to buy them for university and as Christmas presents subsides. And sometimes technology prices can drop close to the launch of a new model. The iPhone 15 models will probably be released in September 2023, so August would be a good time to buy an iPhone 14. You may find football boots are being sold with a 56% discount around now. With the football season more than halfway through, retailers hope to sell them quickly.
Sunglasses are strangely dearest in December – by 13% – but perhaps this is also due to the skiing season, when they will be in demand. And maybe headphones were 49% dearer in May because people were setting off on long summer holidays? I’ve no idea why golf clubs are 8% dearer in October! Also, don’t assume that something is being sold at a good price just because it is on special offer.
Liisa says: ‘Setting up price alerts on products is a good way of ensuring that you buy at the right time and right price for you.’
For each month, PriceSpy analysed which goods had the best discount compared to the average price that year. The site also noted when the price was highest.