Best Time to Buy Power Tools

In need of a handy set of power tools to complete repairs or do-it-yourself projects around the house? Be prepared to experience sticker shock unless you plan your new purchase carefully.

When to Buy Power Tools

© Doug Waldron (CC BY-SA 2.0) via Flickr

Here are the best times to snag power tools, along with a few tips to stretch your dollars even further:

• June
  Father's Day sales typically surface towards the beginning of the month, so you'll have an adequate amount of time to find the perfect gift for Dad. Pay close attention to home improvement stores, such as Home Depot, Lowe's and Sears, that are vying for you to buy your gift from them. Expect to save between 15 and 30 percent on sale items.

• November
  If you can withstand the long lines, extreme temperatures, and rowdy customers, take advantage of Black Friday and Cyber Monday offers. Assuming you get to the power tools before the shelves are empty, you can save between 30 and 50 percent off the suggested retail price.

How to Save Money on Power Tools

• Rent it
  The average power tool is used for only about 30 minutes in its lifetime, according to an Environmental Magazine study. That is, unless you're a contractor. Retailers, including Home Depot and Lowe's, offer affordable rental options. Plus, you won't have to worry about storage space, maintenance, or getting stuck with a faulty set of drills, and you'll get to test out all the options on the market if you think you could use the tool more frequently at some point.
  Want to make the most of your outdoor space? This blog from Founterior covers everything you should consider before taking on a DIY deck remodeling project.

• Buy used
  A pawn shop is tool haven, and there's always room for negotiation. Also try Craigslist along with yard and store closing sales. Depending on the brand and the desperation level of the seller, you may be able to save up to 85 percent on a second-hand set of power tools.

• Shop online
  Online warehouses, such as Overstock.com, Tool King and Tool Barn, enable consumers to save between 5 and 50 percent off brand-name tools and sometimes enjoy free shipping.

• Plan your renovations wisely
  Assuming you're purchasing power tools to do some home renovation projects, stay away from late spring and summer months. These are the peak periods for home renovations, so power tools and other accompanying supplies are in high demand. And with increased demand comes higher price points and less cost savings for you. The exception to the rule is Father's Day.