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Why You Should Wait Before Buying That New Gadget

Published 9/7/07 (Modified 3/9/11)
By MoneyBlueBook

This week, Apple released it's newest iPod Nano model and a new update to its popular iPhone. The company has increased each unit's storage space and the design makeover looks more tantalizing than ever. More the reason not to go out and buy one.

Those who must have the newest and fanciest gadgets will be shelling out a hefty premium to acquire them before anyone else. My advice is to stay away. You don't need it so soon. Give it a few months for the frenzy to level off before you make your purchase. When the initial craze is over, prices will surely drop.

My Hasty Purchase Experience

Back when I was in graduate school I came across this new silver ultra-thin Sanyo cell phone. I was immediately hooked and hastily paid $350 for it. It wasn't even a smartphone or a PDA. It was just a shiny new phone that looked amazing (this is back when thin phones were just being developed). Months later, the fascination of owning this new gadget wore off and I realized that I had made a costly mistake. Newer models had come out by then. If I had only waited a few months, I wouldn't have paid so much.

Here's another example. When the Xbox 360 and Sony Playstation 3 video game systems first came out, bidders on eBay furiously bidding the prices to nearly twice or triple what the retail value was. It was all hype, plain and simple. Do the sensible thing and avoid the irrational exuberance.

Another Reason To Wait

It's not just an economical consideration. Letting someone else be the early adopter has benefits as well. You can benefit from their experience and their reviews. New products often have hardware or software bugs that are solved in later models. If you wait just a few months, you won't have to live with the same problems that an early adopter may face. Just a little bit of patience will ultimately save you money.

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