As cruel as it’s been, the current recession has also done many of us some good. We’ve found ways to spend less, pay down our debts, and save more. And many of the goods and services we may have put off purchasing are available at deeply discounted prices.
If your finances are in good shape, now could be the time to take advantage of these bargains. Below, and in three upcoming posts, the folks from Consumer Reports Money Adviser recommend a dozen products and services that are great buys now, along with strategies that will help you save the most. But before you shop, heed another lesson the recession has taught us: Charge only if you know you can pay the bill right away.
Televisions
If your old set needs replacing, now is a good time to do it. With sales down overall, prices are becoming even more competitive.
Use shopping bots. Internet bots compare prices for specific models from hundreds of retailers. You can sort listings by price, including tax and shipping, and you might be able to set alerts that will notify you when prices drop. Some bots to consider: BizRate (and its affiliate, Shopzilla), Google Product Search, MySimon, PriceGrabber, Shopping.com, and Yahoo Shopping.
Be a store detective. Do all you can to make sure you like the TV in the store. View the set from the same distance and angle you’ll be watching it from at home. If you decide to return it, you might have to pay a restocking fee of 15 percent or more.
Pass on an extended warranty. Our surveys show that flat screens have had a very low repair rate. And you can get extended coverage beyond the manufacturer’s plan free from some retailers (including Costco) or if you use credit cards.
Automobiles
If you have the money to buy a car, this is as good as it gets. Dealers are desperate to sell—new or used—so they’re in the mood to deal. And you might be able to take advantage of a new federal tax deduction for any state sales tax you pay.
Look for combo discounts. Car buyers who once had to pick either low interest rates, cash back, or special lease deals may be able to get a combination of incentives.
But don’t buy on incentives alone. Consider fuel-efficient models that get the highest ratings from Consumer Reports for reliability, performance, quality, and cost of ownership.
Stay within your budget. If you’re taking out a loan, consider how much cash you can put down, your job stability, and how easy it will be to make your payments.
Travel
The recession has hit the tourism industry hard, resulting in deep price cuts, especially for overseas travel and cruises.
Cruise in your backyard. Cruise lines have canceled some international itineraries and rerouted ships for shorter sails from U.S. ports, which can cut or eliminate the cost of airfare. Celebrity offers cruises from Baltimore and Charleston, S.C. Carnival’s summer sailings depart from 14 home ports: its Early Saver program offers discounts of 30 percent for short cruises booked three months in advance.
Look for bargains. Great deals can be found in cities that have lost convention business (Chicago, Las Vegas, Los Angeles, Miami, New York, Orlando, Phoenix, and San Francisco) and some tropical spots (the Caribbean, Hawaii, and Mexico).
Be wary of job-loss coverage. Some of these new travel-insurance plans—particularly those labeled “Cancel for Work”—don’t have adequate coverage.
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