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Save money on reconditioned items |
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"My experience has been extremely positive. Drastically reduced prices for the same goods always works for me!" Bell says. "Both products arrived in sealed boxes with all the necessary manuals, plugs, etc., and are working properly."
Businesses also cash in
Los Angeles-based Joe Marich is president of Marich Communications, a public relations agency specializing in literary, entertainment and consumer products. Marich says that since opening his agency in 1996, he has purchased only factory reconditioned computer equipment, printers, monitors and scanners.
"When I first opened my company, I really didn't have a lot of money, so factory reconditioned computer equipment was my only real financial choice," Marich says. Now that money is no longer an issue, he continues to buy reconditioned.
"Since opening my company, I figured out that I have saved just over $25,000 by not buying new. For a small company like mine, that is a lot of money," he says, adding that savings like that can be better used upgrading the furniture or phone system, or leasing a better office.
"With computer systems and software getting better and cheaper every year, it just seems like a real waste of money to buy new," Marich says.
Rules of thumb for reconditioned purchases
Just as not every new purchase goes as planned, neither does every reconditioned purchase. Follow these guidelines when buying reconditioned:
- The best bargains are likely to be found directly from the manufacturer, but don't rule out reputable resellers of reconditioned merchandise. Not every manufacturer offers reconditioned products, so companies like Overstock.com may be your only available resource.
- Look for products that offer the exact same warranty as a new item. Apple, for example, includes a full one-year warranty on its reconditioned iPods and computers. If a full warranty is not available, consider purchasing an extended warranty on reconditioned purchases.
- Keeping warranties in mind, also look for a return policy that includes a full refund. Minimum windows for returns should be 15 days.
- Remember, reconditioned can mean anything from a complete rebuild to a tiny scratch on the case. If you're buying a gift from an online seller, you won't be able to check for surface imperfections beforehand.
- Before jumping on a reconditioned product, do your research. DVD players, for example, often sell for so little that it may be as cheap to buy one on sale as to purchase one that's reconditioned.
- Avoid undefined or short warranties, questionable retailers (do an Internet search with the company's name and "complaint" in the search box), and second-tier brands, says Brad Wilson, editor in chief of BradsDeals.com, a Web site that compiles deals, special offers and coupons.
- While buying online is convenient, look for outlet stores that let you examine reconditioned items before buying.
- Check your credit card terms. Virginian Michael Shannon says he buys everything with his American Express card because it offers an extended warranty on items bought with the card. There are conditions. For example, the cardholder must pay for the entire purchase by using the card and the item must have a valid U.S. manufacturer's warranty. According to American Express, "Coverage is available for eligible items up to $10,000, not to exceed $50,000 per card account per policy year." Other cards may offer similar deals.
Consider the downsides
Chances are, your reconditioned purchase will look perfect, so most of what you buy will make great gifts, but as noted, purchases may contain small scuff marks or other cosmetic blemishes.
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