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Buying Refurbished Electronics 101
The holidays are fast approaching, and a lot of people have electronics on their wish lists. Turning to the refurbished market can save consumers money, but there are few things to consider before making a purchase.
How much savings is the refurbished item over the price of a new item? Decide what is being given up and what is gained.
"Usually you're gaining on the price side of course, but you're going to be giving up typically on the warranty side," said Brian Cooley, Editor At Large, CNET.com.
"A lot of people that sell refurbished and used equipment," said Sherisa McCellan, CEO and President of Regent Sales. "It's as is,
no warranty. It's buyer's risk."
McCellan has been in the refurbishing business since 1989. She says most reputable companies that operate in the secondary market will at least give a 30-day warranty.
"You want to make sure that they have a return policy, that you can get your money back, that there isn't a restocking fee. Those are the biggest things," she said.
McCellan says where consumers shop can determine how much they save. Buying items on EBay or other online vendors that deal in refurbished merchandise can help save as much as 50 percent in some cases.
Factory refurbs can save consumers somewhere in the neighborhood of 25 percent savings. The trade-off she says is that the factory typically gives better warranties on refurbished products.
J.D. Jimmerson operates a nonprofit charity. They refurbish their old electronics instead of buying new. They do some of their shopping at L&L Electronics in Fort Worth.
"You really got to know what you're looking at because you can get ripped off out there," said Larry Spears, owner of L&L Electronics in Fort Worth.
Even though saving a boat load of money can be tempting, our experts do not recommend going with "as is" on refurbished merchandise.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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