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PURCHASE LAST YEAR’S MODEL ON HIGH-TICKET ITEMS

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This principle refers to high-ticket items like cars, televisions, electronics, and appliances. Changes
in these areas year to year are rarely revolutionary. In most instances, the new model varies little
from the old. You can usually purchase last year’s model for significantly less than the “new” model.
Manufacturers want to get rid of the previous year’s inventory, so they are very willing to
significantly reduce their prices.
As discussed in the previous principle, about cars, this strategy can save you thousands of dollars. A
caveat here is to make sure you don’t buy last year’s new car when the manufacturer is bringing out a
radically changed new car model this year (automakers usually do this every six to seven years). In
those instances, your car becomes obsolete quickly and thus loses value quickly.
Many people purchase the latest model so they can tell friends that they have the “latest and greatest”
product. Since the changes are so minimal, that really would be your only reason to buy this year’s
model.
As far as appliances and TVs go, when is the last time you told someone the year your television or
dishwasher was made? As long as the older models have the same (or similar) features, their quality
will be the same or better than that of the newer models.
Another thought is to look for last year’s model (or even this year’s) with small scratches on it (in
unnoticeable places). You will always get a discount on these products. This happened to me when I
purchased a brand new TV; I paid $125 less when I showed the salesperson a small scratch on the
side of the TV (negotiation skills discussed in the next principle helped here). Since the TV was
going in an entertainment center, I knew the small defect would never be seen!
Over your lifetime, you will save tens of thousands of dollars purchasing last year’s model on highticket
items.

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