We’ve all been there: having grabbed that perfect tool that we looked at for quite a while and finally placed it in our cart, we’re happily paying for it at the checkout, feeling super great about the deal.
However many people actually end up spending more money than they should because they didn’t take enough time to research the product and its price.
The quickest way to double your money is to fold it in half and put it in your back pocket.
Will Rogers
As we’re in the era of the Internet, we tend to feel rather confident that we’re in the know. Armed with the search engine we can quickly ascertain the price of specific items at local hardware stores and online shops. But there does exist “secrets of the trade” that are unknown to ordinary customers which when employed, can potentially help them save a great deal of money.
The markup in the tool industry is high, to say the least, with around 100% and more not being uncommon. Flyer prices you see might not really be the best deal available.
So let’s look at 12 ways that you can potentially save hundreds of dollars when purchasing tools:
1. Do You Research
This may sound redundant, but I think some clearing up needs to be done on exactly what kind of research you should do. We’ll narrow it down to three key points:
- Figure out your needs: Buying a cheap tool or one with limited features is not the best choice if you have greater needs. Vice versa, buying top of the line tools isn’t worth it if you’re a light duty weekend warrior.
- Familiarize yourself with what’s available: Take advantage of the Internet by learning as much a possible about what you want to buy. For example, if you’re looking for a drill, you need to know basic specs associated such as chuck size, RPM, lighting option, motor type etc. It would also help to know related types of tools such as impact driver, hammer drill, screwgun, 90 degree drill and so on. Viewing catalogues from tool manufactures is a great way to learn about all the possibilities out there.
- Compare brands and models: Once you have an idea about what you’re looking for you can browse the large selection of tools that are available. It may feel overwhelming at first, but when you know very specifically what you need you can then go ahead and narrow things down to a few remaining choices. These will be potential candidates which you’ll assess in the next step.
2. Shop Around
Let’s say you got your eyes on a drill from brand A and and another one from brand B, that are similar in quality and specs. You’re trying to make up your mind on which to buy. Obviously the strongest motivator here is the cost.
Thanks to the Internet, we can quickly browse the inventory of a shop from across the country and compare prices with our local store. Taking time to ferret out the sellers with the lowest price is actually not hard at all. With most tool brands you can facilitate this using a special online tool. Post a comment and subscribe if you wish to know.
Most of the online stores ship for free when a minimum purchase is made. Signing up for their flyers is a great way to get informed about sales. This opens up plenty of possibilities for a buyer as you’re not restricted to buying from a few stores in your vicinity, or just big online stores like Amazon.
3. Make Comparisons
But there are more to compare than just the prices from different sellers. This is where things get complicated.
Manufactures often come up with variations for one tool, such as bare tool, tool kit including battery & charger, tool + bonus tool, or a 5-7 piece large tool kit.
The only way to determine which option is the most cost effective is to first find out their prices respectively. This involves searching for the lowest offering out there for that product and its variations and making an assessment on which makes the most sense to buy.
In general, buying kits will save you money on battery and chargers, which tend to sell for high prices individually. If you don’t own a charger and battery from a particular brand and would like to dive into their platform, buying a kit is the best choice.
With that being said, some kits have lower values than others, if the price of the kit isn’t significantly less than the amount you’d spend on buying the items individually, then the kit is not particularly worthwhile. Also, a kit that gives you a lot of stuff isn’t always the best as you probably don’t need every tool that is included, and they often aren’t the top of the line model either.
4. Buy Kits with Bonuses
I want to specially talk about this combination because it has by far saved me the most.
The main advantage of this type of promotion is that you get to pick what you really want rather than being limited to a fixed set tools you don’t necessarily all need.
You would often see deals like”Buy this, get this FREE“, with the free item being either a battery or tool. Economically speaking, you would benefit the most by picking the item with the most value, usually a tool is worth more than a battery; brushless tools are worth more than regular brushed tools.
Most of us are drawn to the item we desire the most, it would be worthwhile making an assessment for each case before making a decision. For example, you really want an impact driver, and it happens to be among the options when you purchase a stater kit. A circular saw happens to be available as well, and is worth more than the driver, but you don’t need it.
What I’d do now is to a) compare the price difference of the bare tools, if it’s marginal, as in less than $20 then I’ll go with the driver which is what I really want; if it’s rather significant, then I will dig deeper and check the price history (if viewable) or past flyers to acquire their respective low prices in the past.
If one of them has the potential to drop a great deal in price, then the real value of it should be reassessed, and your should really take the tool that didn’t go on sale in the past, even if you don’t really need it. You can always resell it if you’d like or give it to a friend, the value you’re getting is worth it.
It’s like spending air miles, using them for car rental and hotel reservation is a bad way of spending them because you’re not, wait for the cliche phrase, getting the best bang for the buck.
5. Set Price Alerts
You never know when a great sale will occur, but when it does happen it’s usually big. Setting up prices alerts with the help of online tools is one of the best ways to save if you have the time to wait. Notable websites to watch for are Amazon and HomeDepot who may drop prices significantly at times.
Some stores actually offer a “price alert” button on their website, which you can sign up for and they’ll send you an e-mail when prices drop. For others, a website change monitor can help you monitor prices automatically in similar fashion. Be sure to check your e-mail constantly though, online deals are known to be gone in a flash, especially during special times of the year… which being me to my next time:
6. Buy at the Right Time
For those who are in the know I need not waste words on just how much prices can drop around Black Friday and Boxing Week. Yes, this is the best time to make purchases as all of the sellers will be offering huge incentives never seen in regular weekly sales. If your purchase can wait, do wait until that time of the year, your patience will often be amply rewarded.
With that being said, there have been many instances when Black Friday deals didn’t save me as much as it’s hyped, there are other great opportunity to save at various times of the year, more on that below.
7. Take advantage of Price Match policies
One of the great things I love about department stores is their price match policy. This gives me the liberty of taking an offer I see, whether it be online or from another store, and ask for a price match at my local store.
The benefits of buying local is quite obvious: you get to see the item before purchase (most stores have floor models on display, some allow you to even try it), and return is easy when you need it. You also get the item immediately instead of having to wait for a parcel delivery.
8. Buy Refurbished/Open-Box
Manufactures occasionally sell refurbished products at a significant discounts, and even offer full warranty on them. This is a great opportunity as you really got nothing to loose in this situation.
Department stores often have a shelf that puts products returned by customers or floor models on sale with a markdown. Being a nice way to takes some dollars off a full purchase of a product, do be cautious with the package, do inspect for missing parts and request further markdowns accordingly.
9. Cashback Reward
If your credit card company allows you choose categories for extra cash back, pick “Home Improvement” or other relevant name as one of them, saving you an extra 1% or so with every purchase at your local hardware store.
Some stores offer points or other type of Rewards Program when you use their card. If you shop a lot at their place, signing up is a great way to save too.
10. Financing Option
If the amount you’re purchasing is significant, e.g. over $1k, then taking advantage of the financing option offered by stores from time to time can benefit you by allowing the money to remain in your savings bank account longer (sometimes up to 18 months), this way you can earn the interests from those funds instead of spending it all at once.
11. Buy from Ebay/Classified Ads
This is not the best advice I’d give as most items listed on Ebay, if not authorized by factory, are sold with no warranty. If the product fails later on or has any defects, you got nowhere to take it to. If one does decide to make a purchase, I suggest they purchase from a good seller and a quality brand tool, this reduces the risk of getting a lemon.
The savings from doing this can sometimes be substantial, so yes it is inciting to purchase this way, just understand the consequences associated with it so you don’t get shocked.
12. Tool Event
This is an obscure piece of information usually known by pros only who do regular shopping at hardware stores. Prior to the event, banners are put up announcing the date the event takes place at that location. On that day, the manufacturer sends its technicians in to promote their products by putting them on display and allowing customers to try them out on the spot. Freebies and promotional offers are given to entice people to make a purchase.
Examples are :
- Milwaukee Heavy Duty Tour
- DeWALT Tough In The North Tour
- MAKITA Driving Innovation Tour
- Ryobi Days Event
Batteries and bare tools are often given when a minimum purchase is made, this is independent of the store and is provided by the manufacturer directly. The store would probably never come up with such a deal as it’s exclusive to the event only.
Researching the tools you wish to add to your arsenal prior to the event allows you to make informed decisions on what to buy, avoiding impulsive purchases. Undoubtedly when the right purchases are made you’d be saving huge, feeling sorry for those who missed it…
And if you happen to have missed the event at your local store, chances are that they’ll be taking it to a nearby store on the following day, the savings are definitely worth going the extra mile, literally.
That’s it for this week, if you liked this article please subscribe to my blog, and feel free to comment if you have anything to add to the list, I’d love to hear back from you.
Tool Thoughts 