Get a better price with patience

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for

Editor’s note: This is a transcript of the audio file.

If you want a better price on a new product, sometimes all it takes is a little patience, my friend. But how long should you be willing to wait? I’m Doug Whiteman with your Personal Finance Minute.

A product’s price will begin to come down either when retailers decide it’s time to put the item on sale or when the manufacturer decides a lower price is needed to boost sales. A site that tracks’s prices for video games says they tend to start getting cheaper just a few weeks after release. With electronic books, the main price drop generally comes when the paperback version comes out., a site that monitors TV prices, says nearly a third of new models see prices come down within just 10 days. It typically takes a year for an iPhone’s price to drop, while half of all new Android smartphones sell for less after a little more than a month. As for tablet computers, says it takes more than two months for most to come down in price.

For more on the timing of price drops, visit I’m Doug Whiteman.