Everyone likes to feel as if they are getting a ‘stellar deal.’ Nothing lights up a consumers face than walking away with a product or service and knowing that they are ‘winning.’ This feeling of victory is what motivates the complete hysteria of Black Friday and flocking to coupons and sales. Even some consumers enjoy getting deals so much that they make a game out of it, perhaps a competition rather. But, how do you know if you’re getting a good deal and not just what seems like a good deal? We put together a list of five ways to know if you really got a good deal.
How Often Is The Product On Sale?
Some companies are known for regular sales of their products which vary in different percentages off. The first sign you’re really getting a good deal is in regards to how rare a sale is for the specific product or service. If the product is rarely on sale if ever, it might be a good idea to bite on purchasing the product in this specific case it’s on sale. If you’ve seen better deals on the product in the past, you might want to hold off if the price is a big concern. It also is valuable to identify if it’s a product that is ‘likely’ to go down in value over time. One way to estimate this is by looking at other related products in which the price slowly drops over time. One example of this would be video games. Video games consistently drop in price over time, if you have the patience to wait!
Compare Online, Offline, And Second-Hand
If you want to know how good of a deal you might be getting; take a time to compare the product offline (retail), online and through second-hand apps. In many cases, brick and mortar retailers will have different pricing than online retailers. In some cases, brick and mortar shops will have clearance sales, whereas online stores may have highly discounted prices based on inventory changes or wholesale costs. Additionally, you can compare these prices to third-party second-hand apps such as OfferUp. Consumers can often find slightly used, or even brand new (never opened) versions of the same product for fifty-percent cheaper or less.
Ask Yourself The True Cost
Sometimes consumers will find a product out of town, or one they can ‘camp out’ for during Black Friday. However, many consumers forget to add in the cost of acquisition of the discounted product. If you have to take the day off of work to ‘camp out’ on Black Friday, how much money will you potentially lose in that days pay? Will you end up actually saving money? How about if you find a product that’s cheaper out of town. A situation in which you have to drive hundreds of miles to pick up the product. Is the cost of travel going to eat away at your savings? It’s important to take in all factors when analyzing if you are walking away with a good deal.