Photo: Mikel Dabbah (Shutterstock)
2022 has been a rough year for the average consumer’s wallet. The U.S. Bureau of Labor Statistics reports the United States is facing an 8.3% increase in inflation in the last twelve months, affecting nearly every industry. Since wages have not risen at a commiserate rate to inflation, millions of Americans have no choice but to tighten their belts.
Despite rising inflation, life does not come to a pause, which means you’re going to have to buy some products in these non-ideal circumstances. While products across the board are facing price hikes, you can serve yourself best by making purchases during months where demand usually isn’t as high.
Here are nine products currently experiencing a significant price increase from inflation, and the best month to buy them in spite of that. (All inflation numbers are courtesy of the Bureau of Labor Statistics.)
Used cars and trucks
Inflation year-over-year: 22.7%
Best time to buy: According to U.S. News & World Report, the best time to buy a used car or truck is the end of the fiscal quarter. Dealerships often have quotas they need to meet, so they’re more willing to negotiate if they’re a few units short of meeting their goal. Aim to purchase a car towards the end of the month in March, June, October, or December.
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Furniture
Inflation year-over-year: 15.0%
Best time to buy: According to U.S. News & World Report, February and August are your best bets to get a good deal on furniture. This is because new furniture typically hits the showroom floor around the end of winter and end of summer, so stores are typically trying to clear out inventory in preparation for that. Additionally, they note President’s Day as a prime opportunity to take advantage of promotional sales.
Major appliances
Inflation year-over-year: 12.1%
Best time to buy: U.S. News & World Report says September to December is the best window for buying major appliances, as deals usually kick off on Labor Day and last through the rest of the year. They also note holiday weekends such as President’s Day, Memorial Day, the Fourth of July, Labor Day, and Thanksgiving weekend as a good time to find a deal, since these are often supported by the manufacturers and the retailers. Basically, there’s quite a few “best” times to buy a major appliance.
Tools and hardware
Inflation year-over-year: 10.4%
Best time to buy: According to House Logic, June and December are the best time to buy power tools, matching up with sales for both Father’s Day and Christmas. Is this sexist? Probably. I can only tell you the best time to buy things—I can’t fix society.
Bicycles
Inflation year-over-year: Up 8.0%
Best time to buy: According to Bicycle Universe, the best time to treat yourself to a new bike is in the fall. During this season, most retailers are looking to offload the leftover stock to make room for new merchandise.
Men’s suits
Inflation year-over-year: Up 21.7%
Best time to buy: According to Credit Donkey, if you’re hoping to look sharp without breaking the bank, you should circle January on your calendar. The logic here is that consumers will be experiencing a bit of a spending hangover following the holidays, so department stores will allow their salespeople to make deals/offer promotions since they know there won’t be much foot traffic.
Tires:
Inflation year-over-year: Up 15.7%
Best time to buy: According to LiveAbout, the best time to buy tires is April or October. Their logic is tires go on sale in October to encourage consumers to purchase before the cold weather hits, and again in April when the weather is warming up and people start taking road trips.
Hotels/motels
Inflation year-over-year: Up 22.6%
Best time to buy: According to NerdWallet, it doesn’t matter so much as what month you book on the calendar, but how far out you book from your prospective stay. Nerdwallet studied average room rates and found that the best time to book your hotel room is 15 days out. For what it’s worth, they note it’s only on average 13% cheaper to do so, so you should factor that into your budget accordingly.
Airline fare
Inflation year-over-year: Up 33.3%
Best time to buy: Among the potential purchases hardest hit by inflation, don’t hold you breath on finding too many cheap flights this summer. That because, according to Frommers, the cheapest month of the year to fly is January, when domestic flights average a 10% lower rate than in the high season of June.
