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Old 10-09-2008, 07:29 AM
 
Location: San Antonio
1,893 posts, read 5,047,443 times
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I'm presently in the market for a new kitchen stove. The kind that I want costs anywhere from $2000 to $2500. The kind that I can afford costs from $1000 to $1500. With the economy being what it is, credit is drying up. People are being denied loans. Credit cards are having there limits lowered. I believe things like large appliances are mostly bought on credit. What do you more business savvy people think? If credit continues to be tight and my theory is correct about appliances being mostly bought on credit. Will things like kitchen stoves drop in price enough to warrant delaying my purchase to try and get more for my money? I'll be buying with cash. The stove I have still works, I'm just looking to upgrade so I'm in no real hurry although my wife is getting anxious. Thanks for your input.
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Old 10-09-2008, 07:44 AM
 
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Paying with cash makes you a good customer. Shop around for a good deal while your stove still works, and just buy it when you find one. It's a stove. I would recommend that people wait if was a house or a business.
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Old 10-09-2008, 08:11 AM
 
Location: San Antonio
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Thanks for your response davidt1. So what you are saying is that major appliances are so far down at the low end of the durable goods spectrum that they won't have their prices affected by the currennt economic enviroment?
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Old 10-09-2008, 08:32 AM
 
Location: Where the sun likes to shine!!
20,544 posts, read 27,475,659 times
Reputation: 88764
Quote:
Originally Posted by SnappyBob View Post
I'm presently in the market for a new kitchen stove. The kind that I want costs anywhere from $2000 to $2500. The kind that I can afford costs from $1000 to $1500. With the economy being what it is, credit is drying up. People are being denied loans. Credit cards are having there limits lowered. I believe things like large appliances are mostly bought on credit. What do you more business savvy people think? If credit continues to be tight and my theory is correct about appliances being mostly bought on credit. Will things like kitchen stoves drop in price enough to warrant delaying my purchase to try and get more for my money? I'll be buying with cash. The stove I have still works, I'm just looking to upgrade so I'm in no real hurry although my wife is getting anxious. Thanks for your input.
I have never bought any appliances using credit. As a business/financial savvy person I would never buy a stove for that kind of money. Are you a chef? Is your wife? I can think of a lot better things to do with your money. But if you really want it and you can afford it(I'm assuming you have no debt, no mortgage, and savings for retirement) then go for it.

I don't think prices will drop by much but I would always shop around. Prices can vary greatly from store to store. My gas stove came in less at my propane company than either Lowe's, HD, or the Internet.

Lisa
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Old 10-09-2008, 09:26 AM
 
11,294 posts, read 46,261,926 times
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Durable goods manufacturers are already absorbing a lot of cost increases of raw materials.

If the retail demand goes down due to a lessened market, I don't think you'll see a corresponding drop in prices anytime soon.

But I would question the wisdom of buying today an expensive "want" with credit compared to a real "need" with cash at this time. If the stove you have now is functioning well, why go into debt to replace it?

Also, while there may be some "features" or cosmetics of value to you in such an expensive residential stove, it's interesting to note CU's take on stoves over the last three test year test report cycles .... where $500 stoves either outperformed or performed as well for the cooking/baking functions as stoves costing several times as much.
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Old 10-09-2008, 09:32 AM
 
Location: Rockland County New York
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My wife and I also always purchase big ticket items using cash. It may take a little long to save up the cash but we don't have to worry about paying a bank 25% interest.
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Old 10-09-2008, 09:38 AM
 
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The OP said he will be buying with cash.

It's HERE:

"I'll be buying with cash."
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Old 10-09-2008, 10:21 AM
 
Location: Where the sun likes to shine!!
20,544 posts, read 27,475,659 times
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Quote:
Originally Posted by davidt1 View Post
The OP said he will be buying with cash.

It's HERE:

"I'll be buying with cash."

Still doesn't mean he can afford it!
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Old 10-09-2008, 10:30 AM
 
Location: Great State of Texas
86,068 posts, read 76,144,685 times
Reputation: 27635
Quote:
Originally Posted by SnappyBob View Post
I'm presently in the market for a new kitchen stove. The kind that I want costs anywhere from $2000 to $2500. The kind that I can afford costs from $1000 to $1500. With the economy being what it is, credit is drying up. People are being denied loans. Credit cards are having there limits lowered. I believe things like large appliances are mostly bought on credit. What do you more business savvy people think? If credit continues to be tight and my theory is correct about appliances being mostly bought on credit. Will things like kitchen stoves drop in price enough to warrant delaying my purchase to try and get more for my money? I'll be buying with cash. The stove I have still works, I'm just looking to upgrade so I'm in no real hurry although my wife is getting anxious. Thanks for your input.
If it ain't broke..don't fix it. Upgrading is a luxury not a necessity.
Continue saving..wait til it breaks.

That's what I'm doing with my applicances. I'd love to get a front load washer..but mine is perfectly fine so I'll just wait. Once it really breaks down big (12 years old so sooner or later it will be a big ticket item to replace) then I will get a new one.
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Old 10-09-2008, 11:18 AM
 
Location: San Antonio
1,893 posts, read 5,047,443 times
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Thanks for all of your responses. I guess what I need to point out here is this appliance is a built in range with a built in overhead 2.2 cu ft oven. I'm pretty sure the home came equipt with it when the house was built. That would be about 1966. It has broken many times and I have fixed it many times. The reason I keep fixing it when it breaks down is because this is not just a kitchen stove swap. It's more akin to a kitchen remodel to go from what we now have to a free standing stove. This situation would would be much better remedied with a planned project than a emergency fix. Rest assured, I'm well aware of what I can and can't afford as well as the difference between wants and needs. Which is why I'm in a position to pay cash for this project. Having said that, I don't claim to be a whiz on Wall Street but it accurred to me that prices on appliances might be fixing to take a drop or maybe not. Tha was my original question. So far the general feel seems to be 'not anytime soon' and/or 'not by very much'. Anybody have a different take on this? Thanks again.
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