CONSUMER AWARNESS Being a Wise Consumer

Researching a Purchase Think about what you really want/need and what you can afford.Think about what you really want/need and what you can afford. Don’t buy on impulse or due to salesperson pressure.Don’t buy on impulse or due to salesperson pressure. Compare brands/stores.Compare brands/stores. –Ask friends/family for recommendations. Get advice & price quotes from several retailers/businesses.Get advice & price quotes from several retailers/businesses. – Remember, they want to make a sale.

Research using reliable resources (consumer magazines, websites, etc.)Research using reliable resources (consumer magazines, websites, etc.) –What is considered a reliable resources? Check out company’s complaint record with the Better Business BureauCheck out company’s complaint record with the Better Business Bureau –BBB provides reports to consumers on bad business practices, “fake” business. Researching a Purchase

Finding a Purchase “Before you Buy” Be aware of extra or hidden fees.Be aware of extra or hidden fees. –Read the small print Read and understand any contract you are asked to sign.Read and understand any contract you are asked to sign. –Get verbal promises in writing

Get written copies of all guarantees and warranties.Get written copies of all guarantees and warranties. Warranties: An obligation or guarantee that a product or service sold is as stated by the seller, and that often provides for a specific remedy such as repair or replacement in the event fails to meet the buyers needs in a given time period. Name a product in which you would want a warranty? Finding a Purchase “Before you Buy”

Extended warranties & services are very profitable for businesses. Extended warranties are when the consumer pays extra for a long warranty (like insurance)Extended warranties & services are very profitable for businesses. Extended warranties are when the consumer pays extra for a long warranty (like insurance) Extended warranties are a personal choice. Name a product in which an extended warranty would be beneficial to the consumer? Finding a Purchase “Before you Buy”

Know the exchange/return policies.Know the exchange/return policies. Consider paying by credit card. You might benefit from their protection.Consider paying by credit card. You might benefit from their protection. –With check or debt, once the money is gone it is gone. With credit, you are borrowing money and can be disputed. Finding a Purchase “Before you Buy”

Read and follow instructions.Read and follow instructions. Use the item only as intended.Use the item only as intended. Keep all receipts, warranties, instructions, and contracts (for as long as the time period for each)Keep all receipts, warranties, instructions, and contracts (for as long as the time period for each) If it is still under warranty, don’t try to fix it yourself.If it is still under warranty, don’t try to fix it yourself. Keep a written record of what you have done to resolve any problems.Keep a written record of what you have done to resolve any problems. “After you Buy”