Don’t Waste Money on Rapidly Depreciating Gadgets

May 14

Don’t Waste Money on Rapidly Depreciating Gadgets

IN A WORLD POWERED BY technologies, customers are seeking the best and most up-to-date gadget. Even though a new apparatus often brings the capacity for improving a person’s life, consumers should not confuse these purchases with investments. Just like a brand new vehicle, electronics shed value once they are taken for a spin.

“We live in a world where significant technological improvements in the consumer electronics and gadget verticals are seen on an annual basis,” says Joshua Weiss, CEO Of TeliApp, a business which develops and executes digital media marketing strategies for many different brands such as those in the consumer electronics space. “Therefore, 1-year-old devices will depreciate considerably, particularly since the cost for better and new things continues to go down.”

Require for new tech continues to rise, though saturated markets and short product cycles add to the use of consumer gadgets. In fact, the tech industry is anticipated to grow by 3.2% in 2017 and earn $321 billion in retail revenues, as per a semiannual report from the Consumer Technology Association.

While fighting depreciation may feel like a losing struggle, there are certain measures consumers can take to save cash on the gadgets they want. Just follow these tips.

Electronics manufacturers, brands and retailers bombard customers with advertisements promoting the newest devices that tout improved performance and exceptional features, which makes it difficult to resist the urge to purchase. While shoppers warrant splurging on a new device for specs, experts caution that the gaps between old and new might be minimal, and the cost may not be worth it.

“A lot of these new models do not have major, innovative upgrades, but instead modest internal hardware modifications, such as a slightly faster CPU clock speed,” says Emily Shapiro, advertising associate in iPowerResale, a site that specializes in reselling refurbished, used and overstock Apple merchandise.

Consumers need to review potential product purchases carefully, looking over specs in detail, or seek advice from product experts to understand features. Since many electronic retailers charge restocking charges of 10 to 15 percent of a returned item’s purchase price, an impulse purchase could cost even more in the finish.

Repair before buying a new one

When faced with a broken or poorly functioning device — if it is a laptop, tablet or smartphone — consumers frequently jump to replace it. Many problems like fluid immersion displays charging docks and switches, viruses and damaged parts can be repaired for a minimum price, saving people tens of thousands of dollars.

By way of instance, fixing an iPhone screen costs $90 on average when repairing laptop liquid harm usually runs from $200 to $250 — either of which are a fraction of what it might cost to replace these devices, based on Computer Repair Doctor, a digital repair chain that fixes mobile phones, laptops and laptops, PCs and Macs and much more. Not all repairs are equivalent, but so collect quotes to find out whether repairing a gadget is worthwhile.

“You generally want to look at the expense to repair versus replace, in addition to the age of the apparatus,” says Matt Ham, president and owner of Computer Repair Doctor. “Locate a local shop that specializes in technology device restoration. Shops like these are going to have the ability to establish whether your problem is fixable and when it’s worth repairing.”