What would you call a big-ticket item? Is it an expensive, high value, not everyday purchase, which can either be a luxury or a necessity item? For example, a car, boat, piece of jewelry, or a house or works vehicle. There is no defined money value that says what makes a product expensive or lavish. At some point in our lives, many of us have made one of these purchases and it takes considerable thought and planning for most people.

Can I Afford It?

First things first, it is really important that you can afford this big-ticket item and that you are getting the exact product that you want. It’s not like you can have a change of mind and go and buy another one the following week. Know what you are comfortable paying and shop around for the best deals.

Do you need to secure a personal loan? Do you need to save, or have you got enough savings to make the purchase outright? If you can, plan ahead and start saving. To make saving easier, it might be a good idea to open up a separate savings account or set monthly amounts to save. Then you avoid interest on loans and are in a position to buy when a good deal comes along.

If you do decide to take out a loan, look for a lender that offers the best terms. Short-term loans are handy if you only need the money for a short time, such as to plug the gap between your purchase and payday. Secured loans are useful if you have a lot of equity in your property and want to make a very costly purchase.

Whichever of these options is for you, just make sure that you have carefully considered such a big outlay. Sleep on it and don’t act on impulse – it could end up a costly whim or the best thing that you have ever done!

Be Prepared 

Preparation is vital. You really do need to make sure that this is what you want and that you can afford it. Take a few days, talk it over with family or friends and imagine yourself with or without it. Will it really add to your life, do you need it, and how much do you really want it? Once you make your mind up, go for it!

Sale Items 

It’s worth considering buying your big-ticket item in a sale if possible. Shop around, go on compare sites, research when retailers generally have their sales. Also, view the product first – handle it and then see if it is available as an online purchase. Watch out for hidden extras like delivery charges, as these can sometimes be significant. If you have to make a quick buy, this might not be an option. However, if waiting a couple of months for a sale or interest-free deal is realistic, this could make you huge savings. Also, consider buying at off-peak times, when products are less seasonal. For example, outdoor garden furniture and barbecues will sell at a premium in April but will be far more reasonably priced at the end of summer.


It is well worth investing your time in doing some thorough research before you buy it. Look at online reviews from customers. Watch out for any flaws or issues that the product may have. Does the item have every feature that you want? Have you compared it with like items, so that you can be confident that you have got the best deal for you? Take counsel from friends and family who have experience of the product, as they can tell you more about it than salespeople or adverts.

Make an Investment

Although you may see a similar product slightly cheaper, make sure that you consider buying the best quality that you can. Investing in a top of the range product, although initially more expensive, can ultimately save you money. For example, a cheaper washing machine may break down more, be less robust and then consequently cost you more on repairs; plus the hassle of making other arrangements to have your laundry done and the cost too. Also, think carefully when buying a warranty, this is another outlay but protects against more costs at a later date. Furthermore, a more top of the range product is more likely to hold its value better than a cheaper one. If you want to resell your item at some point in the future then this might be something to consider when making your choice.

So, whatever your luxury item or costly outlay is going to be, make sure that it’s going to be affordable, you’ve got the best deal for you, it’s the one that you actually want and that you have done your research thoroughly. After that, make an informed choice and then enjoy your investment.