Purchasing New Technology: When to pull the trigger

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Technology moves so fast today that making a technology purchase for your business or for personal use can be horribly mind boggling.

“When I purchase will I find what I just bought obsolete?” “Will the price drop?” It seems today either the next greatest is thing is coming out next week or the price is dropping by 20%.

Gone are the days of technology changing every few years. Today it is down to months or even weeks.

“The next iPhone is due out in 3 months do I wait?” “Next week a new Android phone is coming out, is that a better choice?” “What do I do?”

Here are some tips on how to evaluate when to purchase the next new technology.

1. First determine if the technology is actually right for you. Is this something that is going to be just a toy or will it be something that will enhance your life or business?
2. Is there a return on investment? Does it do everything that I want it to do now or are there predicted improvements down the road that you really want.
3. Next step is to do your research: Consumer Reports, friends, co-workers and reviews on the internet are all good sources.
4. Once you have evaluated your needs set yourself a price limit. If it is within your budget go for it. If not wait, as the newer technology comes out the price of what you really want will drop.
5. If the need and the price are right for you, pull the trigger and buy. Don’t look back or re-evaluate your purchase. Enjoy it because it is right for you. Do not get caught up in the have to have the latest and greatest just because everyone else has it.

As a personal example my iPhone 3 works fine for me, it gives me what I want and I have no interest in moving to the 5. When I purchased the 3 I made the decision because I wanted internet access to my phone for business purposes. It was the best purchase I ever made and I got it cheap because the 4 had just been released.
I find so many people wait on making decisions because they are not sure. Do your due diligence and if it is right for you now, don’t wait. Just make the decision and go on with your life. You will be glad you did.