The Best Time to Buy Cars, Appliances and Other Things Hit Hard by Inflation
2022 has been a tough year for the average consumer’s wallet. The US Bureau of Labor Statistics reports that the US has experienced an 8.3% increase in inflation over the past twelve months, affecting nearly every industry. Because wages have not risen in line with inflation , millions of Americans have no choice but to tighten their belts.
Despite rising inflation, life does not stand still, which means that in these non-ideal circumstances, you will have to buy some products. While products across the board are facing price increases, you can best serve yourself by shopping during the months when demand isn’t usually as high.
Here are nine products that are currently experiencing significant price increases due to inflation, and the best month to buy them regardless. (All inflation data provided by the Bureau of Labor Statistics .)
Used cars and trucks
Inflation year on year: 22.7%
Best Time to Buy: According to US News & World Report , the best time to buy a used car or truck is at the end of the fiscal quarter. Dealers often have quotas they need to meet, so they are more willing to negotiate if they are missing a few units to reach their goal. Aim to buy a car by the end of the month in March, June, October or December.
Furniture
Inflation year on year: 15.0%
Best Time to Buy: According to US News & World Report , February and August are the best times to buy furniture at a good price. This is because new furniture usually hits showrooms in late winter and late summer, so stores usually try to clear stock in preparation for this. In addition, they celebrate President’s Day as a great opportunity to take advantage of promotions.
Large home appliances
Inflation year on year: 12.1%
Best Time to Buy: September through December is the best time to buy large appliances, according to U.S. News & World Report , as deals usually start on Labor Day and continue through the end of the year. They also mark holiday weekends like President’s Day, Memorial Day, Fourth of July, Labor Day and Thanksgiving weekend as a good time to make a deal as they are often backed by manufacturers and retailers. In fact, there are quite a few “best” moments for buying large appliances.
Tools and equipment
Inflation year on year: 10.4%
Best Time to Buy: According to House Logic , June and December are the best times to buy power tools, coinciding with both Father’s Day and Christmas sales. Is this sexism? Probably. I can only tell you when is the best time to buy things – I can’t fix society.
Bicycles
Inflation year-on-year: up to 8.0%
Best Time to Buy: According to Bicycle Universe , the best time to treat yourself to a new bike is in the fall. This season, most retailers are selling off their leftover merchandise to make room for new merchandise.
Men’s suits
Inflation year on year: up to 21.7%
Best Time to Buy: According to Credit Donkey, if you’re hoping to look good without going broke, you should circle January on your calendar. The logic here is that consumers will be slightly hungover after the holidays, so department stores will let their salespeople make deals/offer promotions as they know there won’t be many visitors.
Tires:
Inflation year on year: up to 15.7%
Best Time to Buy: According to LiveAbout , the best time to buy tires is April or October. Their logic is that the tires will go on sale in October to encourage consumers to buy before the cold weather sets in, and again in April when the weather warms up and people start hitting the roads.
Hotels/motels
Inflation year on year: up to 22.6%
Best time to buy: According to NerdWallet , it doesn’t matter what month you book on the calendar, it matters how far away you book from your intended stay. Nerdwallet studied average room prices and found that the best time to book a hotel room is 15 days in advance. For what it’s worth, they note that it’s only 13% cheaper on average, so you should factor that into your budget accordingly.
Airfare
Inflation year on year: up to 33.3%
Best time to buy: Among the potential purchases hit hardest by inflation, don’t hold your breath over finding too many cheap flights this summer. That’s because, according to Frommers , the cheapest month of the year to fly is January, when domestic flights are on average 10% lower than during the high season in June.