Impulse Purchases: NEVER Buy These 3 Things Without Doing Any Research
Impulse buying is the act of spending on a whim, when you’ve not put much true thought into the cost of the product.
You’re snapping it up because you can, or because it’s convenient, or because you’re feeling a bit of FOMO over it. Either way, you’re not thinking about what you actually want or need.
And when it comes to certain purchases over a particular price threshold, impulse buying can genuinely be dangerous. With that in mind, here are 3 of the worst things to buy without any prior research.
A New Phone
Phone contracts can lock you into a payment deal for 2 to 3 years, and the whole time, you’re going to be paying more for the phone than if you just bought it outright.
That’s fine with most people, as monthly recurring payments are easier to cope with than simply dropping $1000+ on the phone in one go. But it’s best to look into this long term payment schedule a little deeper, as you’ll want to double check just how much more you’re going to be paying.
Don’t let the promise of fixed term prices draw you in either, as they still could be higher than the monthly cost of the same phone elsewhere.
A New Car
New cars don’t tend to be whimsical purchases, but once you’ve made the decision that you need a new car, the process of finding the ‘right’ one can be shockingly quick.
After all, you’re likely to head online to see what dealers are nearby, and even if you put some time into researching the best car make and model for your needs, that tends to be where the research stops.
But you need to thoroughly check every dealer you’re considering. That means reading policy terms and conditions through to the end.
What are their loan options, if you can’t buy outright? And more specifically, what are their APR terms on auto financing, and can you find any reports of pcp claims being brought against them? And what do previous customers think? Always look for reviews, and take note of how many there are as well.
Flights and Hotel Rooms
When you splurge on a flight and a hotel room, you’re acting more purely on FOMO than any other kind of impulse purchase we could mention.
Limited time deals come and go by the hour on travel agent websites, and the idea that you might miss out on an ‘all time low’ price for a bucket list destination is simply too nerve wracking!
Always cross reference flight costs and hotel room prices before you lock yourself into any vacation plan. Find out what the price of this package deal usually is, and try to come up with an average by checking other provider websites.
When you buy on impulse, you waste money. It really is that simple, as it’s rare for the impulse decision to actually work out in the long run! Research, reference, and save.
