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Three ways to save cash on photo gear in a tough economy
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Photo by Dennis Bodzash. The Tokina 28-70
ATX PRO lens was bought used for $180. The
Canon equivalent 24-70L commonly sells for
over $1200.
As the economy sinks, prices on photo gear are skyrocketing. The prices of photographic gear, especially lenses, have risen, usually 10-20%, despite a worldwide recession. For anyone tracking the price of photographic gear over the past year, there is an apparent paradox. On the surface, it makes no sense to raise prices in a recession with business already hurting. However these factors are beyond U.S. control, as most camera products are produced in Japan. In a nutshell, the reason for rising prices is the ratio of other currencies to the Japanese Yen. To compensate for changing currency values, camera makers must raise their prices to keep profits up. The good news is that there are ways for individuals to beat the rising prices and save cash in a tough economy.
Refurbished/re-certified
A refurbished product is simply an item that has been returned to the retailer, which then sends the item back to a manufacturer facility where the item is checked, repaired if needed, and given a clean bill of health by a manufacturer technician. The product is then returned to the retailer to be sold as factory refurbished/re-certified. The savings on refurbished products is typically around 20%. The downfall to a refurbished product is that the warranty is usually limited to 90 days, which is in stark contrast to manufacturer warranties, which can range from 1 to 6 years. If the limited warranty is not a discouragement, refurbished items can be great ways to save money, plus they are guaranteed to have been checked over by a technician and should be in perfect working order.
Gray market/imported
This class of item is just like the factory new except for one key area: the manufacturer will not honor the warranty. This is because the item was imported through a source other than the manufacturer's authorized distributor. For example, if someone buys a gray market lens, that lens could have come from anywhere in the world. Here in the U.S., the U.S. branch of the manufacturer will not service an item without a factory USA warranty. Warranties are typically offered by the retailer, but actual terms can vary from store to store. The typical gray market savings are less than refurbished. Gray market items are in no way physically/operationally inferior to factory new items.
Used
Buying equipment used is the third way to save money. The savings with used items can vary widely, depending on condition. Online retailers typically offer used departments with items that can come and go very quickly. Of course, local newspapers and online classified ads are another source for used photo equipment. Another positive to buying used is that bad copies of the item, especially lenses, should be off the used market. No one in their right mind buys something that works improperly and then fails to return it to the retailer or factory for repair. For all the savings, there is a major downside to buying used, which is simply that there is no way for a buyer to determine the item's history. An online retailer can only test the item, grade it by appearance, and put it up for sale. When buying in person, the buyer can only go by the seller's word, which may or may not be true. When buying online, the photo of the item is often a stock photo, leaving the buyer to read the item description and make a judgment based on that alone. A final downside is that, for out of production items, getting them fixed may be a challenge should they break. Despite the downsides, used items can be undeniably great bargains. On a personal note, almost all of my gear is used and I have yet to have a single problem.
Monday's article will be more buying advice and possibly the most important topic that I have written about: which is how to avoid online camera scams.
For more info: Places where I have bought used photo gear
KEH Used Camera Brokers
B&H Used Department
Adorama Used Department
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