Now comes the post-Thanksgiving time of year when deals are promoted in front of our eyeballs left and right, in digital and print. However, it is important to stop and ask the question "how good is that price?". I mean, the seller says that it's 75% off, but that doesn't mean that the item was priced reasonably to begin with, or even that this is the best sale that's come along. Look across the sea of racks at a clothing retailer like Kohl's, and you'll notice that nearly every rack has a "SALE" tag above it:
If everything is on SALE, then is it really a SALE
or do they just want a SALE?
or do they just want a SALE?
Typically, we'll compare a retailer's current price with an online retailer (like amazon) to see how good the deal is. But this just compares the online price today with the retailer price today. When amazon advertises an item at 40% or 50% off, is it really a good deal?
This is where historical price comparison plays a powerful role. I use a site called CamelCamelCamel.com, which keeps track of the price of every item on amazon each day, so you can look back to see how good today's sale really is. This lets you distinguish a run-of-the-mill sale from a best-price-ever sale.
Let's look at an example. If we look up this Laser Thermometer gun, it shows the current price is $12.49 and is 31% off of the regular price. However, if we paste the item number or link into CamelCamelCamel, then it brings up this page:
Not only is the item not at a historical low, but the price has been relatively constant since April. The 3rd party seller price has actually been lower for months than amazon's current price. No rush to buy. Whew.
Compare that with a Nikon camera bundle which shows the current price as $499 and 50% off of the regular price. If we paste that item into CamelCamelCamel, it shows us that today is the lowest price the item has ever been. Not only that, but the price drop occurred today:
I've found CamelCamelCamel very useful (enough to give them a free plug) in letting me know when to rush and when to wait.
Another useful feature is price tracking. If you don't want to buy the item until it drops below a specific price, you can enter your target price and CamelCamelCamel will notify you when the item drops below your threshold. Last year I used this to buy a Seinfeld DVD set for $60, when the price fluctuated around $80. An added benefit is that this gives you time to think how much something is really worth, and whether you really need it at all.
I hope this helps some of my fellow shoppers save some money or gives them time to think whether they really need to splurge on the SALE that's staring them in the face. If you sense yourself feeling stressed or rushed to spend money, that's not a healthy condition. It's just stuff: you lived fine without it prior to this point. Some day it will be out of style, or sitting at a yard sale, break down, or wear out. Retailers (amazon included) want you to spend and consume, but that's their job. They care nothing about your mental health or moral well-being. Practice patience and prudence.
“Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal, but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. For where your treasure is, there your heart will be also.”
- Matthew 6:19-21
“Keep your life free from love of money, and be content with what you have, for he has said, “I will never leave you nor forsake you.”
- Hebrews 13:5
