Are you discouraged by the latest consumer price index reports showing high amounts of inflation on major appliances?
Don’t worry, we have five expert tips to get you the best prices on your next purchase, even during these crazy times.
If you follow the news at all, you probably already heard that major appliance categories, including ranges, dishwashers, and refrigerators, cost 12 percent more now than they did this time last year.
Washer and dryer pairs are up about 18 percent. This is because of the cost of raw materials among other things.
This is the first year where we had such a big dramatic change. Costs went up, raw materials, production issues. Distribution, like getting a product from point A to point B is dramatically more expensive.
Recently Fox Business and other major media outlets came to us asking for insider information from a retailer’s perspective.
We shared that just about every brand, from household name brands like GE and Whirlpool, to luxury brands like Sub-Zero and Wolf, have increased their prices across the board, unfortunately pushing the cost onto the consumer.
Our average cost to buy these products at wholesale has increased by well over 10 percent since last year.
By comparison, from one year to the next, that increase has historically been closer to 3 percent.
And it seems like that isn’t going anywhere anytime soon.
The industry experts say that the appliance industry is pretty rigid. Once the prices go up, it’s very hard for them to come down. They expect to see these higher prices, these inflated prices for the rest of the year. And for at least the first half of next year.
It’s hard to be a manufacturer these days. Because their costs have gone up. By in large, the prices are not going to come down.
Once the manufacturers have absorbed these costs, it’s very difficult for them to give up the cost structure.
So, unfortunately, this is here to stay.
How to Save Money on Appliances
So how do you get the best deal in a retail environment like this? Here are our top five tips for appliance shopping right now.
1. If you have an older appliance and are concerned that it’s beginning to break down, start looking for a replacement now. Three to four weeks is the shortest wait time we’re seeing right now for almost all appliances.
2. If you’re shopping for high end appliances, like Subzero, order them as soon as you can. Lead times are typically up to six months. You don’t want your appliances to hold up the whole project.
3. Some appliances are out of stock pretty much everywhere. When you see the one you need showing up as in stock, double check before you click buy. Don’t get your hopes up — it could be too good to be true.
4. Ask about floor models. If you’re lucky, they might be up for grabs. Most appliance stores have “Floor Model” signs throughout their showrooms. Discounts for floor models could range from 15 to 30%, depending on the brand.
5. If you’re looking for a new laundry set, try to wait for a retail holiday, like Labor Day or Black Friday. The deals won’t be as significant as in the past, but you could still find some savings.