Buzz
2022 has proven to be a challenging year for the average consumer's finances. According to the U.S. Bureau of Labor Statistics, inflation in the United States has surged by 8.3% over the past year, impacting almost every sector. With wages failing to rise at the same pace as inflation, millions of Americans have no option but to cut back.
Even with rising inflation, life continues on, meaning that you’ll still need to buy certain products under these less-than-ideal conditions. While prices are increasing across the board, you can get the best value by making purchases during months when demand tends to be lower.
Here are nine items currently seeing major price hikes due to inflation, along with the best month to purchase them despite the increase. (All inflation data is sourced from the Bureau of Labor Statistics.)
Pre-owned vehicles and trucks
Yearly inflation: 22.7%
Optimal time to purchase: According to U.S. News & World Report, the best time to buy a pre-owned car or truck is at the close of the fiscal quarter. Dealerships typically have sales targets to meet, so they’re more open to negotiation if they’re falling short of their quota. Consider buying a car at the end of months in March, June, October, or December.
Home furnishings
Yearly inflation: 15.0%
Optimal time to purchase: As reported by U.S. News & World Report, February and August are the prime months to score a great deal on furniture. This is because new collections usually arrive at the end of winter and summer, prompting stores to clear out existing stock. Additionally, President’s Day presents an excellent chance to capitalize on promotional sales.
Large home appliances
Yearly inflation: 12.1%
Best time to buy: According to U.S. News & World Report, the period between September and December is the ideal window to buy large appliances, as discounts generally start on Labor Day and extend through the remainder of the year. Major holiday weekends such as President’s Day, Memorial Day, Independence Day, Labor Day, and Thanksgiving are also prime times to find deals, as these sales are often backed by both manufacturers and retailers. In short, there are multiple “best” times to make an appliance purchase.
Power tools and hardware
Yearly inflation: 10.4%
Optimal time to purchase: As stated by House Logic, June and December are the prime months to buy power tools, aligning with sales during both Father’s Day and Christmas. Is this biased? Maybe. I can only provide the best times to buy things—I can’t change society.
Cycling gear
Yearly inflation: Increased by 8.0%
Best time to purchase: According to Bicycle Universe, fall is the best season to buy a new bicycle. During this time, most shops are eager to clear out their remaining inventory to make space for the new models.
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%
Optimal time to purchase: As stated by LiveAbout, the best months to buy tires are April and October. Their reasoning is that tires go on sale in October to encourage purchases before the cold season begins, and again in April when the weather warms up and people begin planning road trips.
Lodging establishments
Year-over-year inflation: Increased by 22.6%
Best time to book: According to NerdWallet, it’s less about the specific month and more about how far in advance you book your stay. NerdWallet analyzed average room rates and found that the ideal time to reserve a hotel room is 15 days before your intended stay. While it may only save you an average of 13%, it's something to consider when planning your budget.
Flight tickets
Year-over-year inflation: Increased by 33.3%
Best time to book: Among the items most affected by inflation, don’t expect to find many budget-friendly flights this summer. That’s because, according to Frommers, January is the least expensive month to fly, with domestic flights averaging 10% lower than during the peak travel month of June.
