WHY BUY LOW-COST GADGETS?

AGE OF GADGETS

This is the age of gadgets, high disposable incomes and consumerism. With a booming job market for the young generation and its ripple effect on the economy, people belonging to all age groups spend a lot of money on electronic gadgets.

Devices such as mobiles, smart TV, laptops, tabs, smart watches, camera and household goods like refrigerator, washing machines, dish washers, microwave ovens etc. are the most desired purchases of consumers spread across classes.

While this is a very welcome sign for any evolving society, where the need for different operational tools arise for working purposes, and since busy individuals have lesser free time for daily chores, most of these gadgets have turned into essential household goods in today’s automated world.

APPLIANCE EXPENSES

But now, for many people these appliances have become more as a possession of pride than their actual usage requirements. And the cost of these purchases add up to a significant amount to any family’s annual expenses. Interestingly, cash outflow doesn’t end with the price of purchase – maintenance and servicing during its lifetime really turn out to be expensive. Even minor repairs cost a lot, while extended warranties for each year add up to a substantial amount.

As electronic gadgets are indispensable in today’s age, and we have to depend on these for our sustenance, let us analyze and find out the most judicious ways of using these keeping in mind its cost and utility balance. We are listing the mistakes below : –

HIGHER VERSION

Often, people opt for higher versions of various products thinking those will support the maximum features without ever realizing whether they require such high-end gadgets.

For instance, iPhone, having some of the best security features, and costing a lot, is not the requirement of a housewife or an average office goer. An ordinary smart phone has pretty good security and diverse functions that suffice the needs of most people. Or for that matter, a high-end processing computer is not needed to do text editing assignments.

Similarly, whether it’s a laptop or TV or washing machine, it is always ideal to choose a model whose features support an individual’s level of operations instead of purchasing the higher range or highest priced models. With this strategy, one can save at least 20% - 50% of the purchase cost. Most importantly, we can judiciously utilize our resources, which enables us to prevent wastage, and at the same time, improvising on man-machine engagements and efficiencies using more such diverse products.

MORE COMPLICATIONS

Another disadvantage is higher the features of products, more would be the complications of its inner mechanism. Thus, the probability of getting out of order would be higher, and servicing of all gadgets are disproportionately high, which pinches a lot on every such instance.

OUTDATED

Many of these products like mobiles, laptops, smart TV and smart watches have very low shelf-life, i.e. innovation and upgradation happen continuously in all such devices, thus making existing products outdated in a short while. This is another reason as to why costly versions of these brands should be avoided. However, other durables those are used for longer durations, one still can opt for versions better than low end ones.

SOCIAL STATUS

For many, it is a social status to own such durables or possessing prime versions. But what most people fail to realize is one’s acceptance in community depends more on their amiability, nature and background rather than owning a few modern day gadgets. Thus, unless highly necessary, we should avoid such specific gadgets, which enable us to save considerable amount of money.

EXTENDED WARRANTY

In the joy of bringing home one’s adorable item, most of us are unmindful of its servicing costs. Most manufacturers offer extended warranty, which comes at an affordable cost, which we don’t avail of – either unmindful of its servicing costs, or because we feel this would increase our purchase bill further.

One must opt for this extended warranty – this will ensure having an insurance or peace of mind that the next few years repairing expenses are nil. Apart from cost savings, another advantage is the product would be serviced by its manufacturer and replaced parts would be original, that of the brand.

TWO @ ONE

If product goes out of order after warranty, and repairing costs seem unfavorable, then the only option left is to buy a second time. In such an eventuality, if the initial purchase was a low cost one, consumers can buy two pieces at the same total cost or a slightly higher price.

But buying the costly priced option initially, they spend the entire money together.

THE PSYCHOLOGICAL FACTOR

A costly product going out of order after its warranty period, and a disproportionately high repairing cost, which make the repair financially unviable means throwing away your lovable item. More than the financial loss, the psychological pain felt is intense and heart breaking as one has to discard his prized item.

But if the model was lower-end priced, disposing of the same after it goes out of order would psychologically be not so painful.

THE LESSON

So, the lesson for us is – buy different gadgets only if that is required, and opt for a judicious purchasing decision, keeping in mind its price, running cost ratio and re-purchase possibilities.