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5 Ways to Save Cash When Buying Power Tools For Your Business

drillEvery business including those in the cottage industry (i.e. trades) need to keep an eye on their expenses especially when they’re looking for tools for their trade. With numerous brands and models across a wide range of price points, it can be difficult choosing which power tool delivers the most value at the best price. The following techniques will come in handy before you go shopping for a power tool at the hardware store or online.

Go Combo

If you are looking at stocking your toolbox or replacing a couple of old pieces, avoid making impulsive purchases. Your business dollars will go a lot further when you consider a package deal like what’s on offer at Home Depot, that allows you to collectively purchase several tools for a single price which can lead to significant savings. Depending on the quantity and types of tools you are buying, expect to save as much as 30% when compared to purchasing the tools separately.

Combo kits are a particularly lucrative alternative when it comes to cordless tools. You can, for instance, buy multiple tools that all use the same charger and battery. Combos are sometimes used to introduce a new tool to the market; this is a great way to get a good quality product at a minimal cost.

The downside of combos is a package deal may include items you don’t need or are of poor quality; take extra care to only buy a package that delivers an advantage for you.

Brand Loyalty

Anytime you buy something, you are getting pulled into that brand’s ecosystem. It’s always easier, cheaper and more efficient to stay within this ecosystem than buying power tools from multiple manufacturers. You grow accustomed to the brand’s supply chain, support process, warranties and emergency contact information.

Some parts from the same manufacturer such as chargers and batteries may be interchangeable between models. Also, leverage the benefits of backward compatibility. If a part from one of your power tools is faulty, you may be able to replace it with a functioning part from one of your older discarded tools.

Going with one brand also means you can make the most of any loyalty programs that reward regular purchases. The programs are usually retail-agnostic meaning you earn points irrespective of where you buy the power tools from.

If you already have tools from a wide range of manufacturers, start identifying the brand that’s your favorite and stick with it during future purchases. You’ll save money in the long run.

Know What You Need

You probably know a friend or a neighbour whose garage is packed with brand new or barely used stuff. It’s great to have a passion for top-of-the-range power tools. Nevertheless, you have to ask yourself whether you are buying tools and paying for features that you’ll rarely or never require.

If there are less expensive models available that can do the job, you shouldn’t spend more than you need to. Of course, this has to be balanced with quality considerations. Don’t buy the lowest priced power tools unless you are certain they will satisfy your expectations.

Check Online Reviews

You are more likely to get an objective evaluation of a product from past customers than from the manufacturer. Visit power tool review sites such as Tool Nerds, Pro Tool Reviews, Popular Mechanics and Toolstop. Usually, review sites will purchase and test the tool themselves; ergo, readers get firsthand information.

With their experience assessing numerous products, these sites examine each product in multiple environments, diverse scenarios and probe common loopholes. Different brands are compared side by side to determine the strengths and weaknesses of each. Ultimately, review sites protect you from poor purchase decisions.

Time Your Purchase

Power tools see significant discounts during Black Friday, Cyber Monday and the days leading up to Father’s Day. The sales can be fairly aggressive with anywhere between 40 and 60 percent off the regular price. If you don’t require the tool immediately, plan ahead so you can get it when the price is at its lowest.

Businesses both large and small must keep a close eye on their cash flow. Using these tips ensures prudent use of your financial resources when buying power tools.

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