Bargain hunters, rejoice.
The laws of economics are working in your favor—at least for a few key items that stand to have a major impact on your wallet this year.
According to Kiplinger, supply and demand, rapid innovation in certain industries and changing market conditions will mean you’ll pay less for big-ticket items like used cars, as well as catch a price break on everyday purchases, like those drumsticks you throw on the barbecue.
Here are the eight items that Kiplinger believes will see a price drop in 2014:
1. Gasoline: Good news for commuters everywhere—unleaded gasoline will drop about 10 cents a gallon this year compared with last year, due to decreased political tension in the Middle East as well as increased domestic production.
2. Used Cars: The price of “previously owned” vehicles is expected to drop by up to 2% because of higher demand for new cars, as well as a glut of inventory from leased autos returning to the lot. Compact SUVs and low-end luxury models, especially, are expected to decrease in value.
3. Gold: As the economy improved and stocks surged, the precious metal became a less popular investment: Last year saw an end to the 12-year gold rush that had buoyed prices for so long. Analysts expect gold costs to drop by $50 an ounce this year.
4. Dark Meat Chicken: Fire up the grill. Although beef remains expensive in 2014, chicken legs and thighs are outpacing demand due to dropping U.S. export volumes. Grocers will probably offer the meat for as low as 60 cents a pound, versus the typical range of 70 cents to $1 per pound.
5. Ultra-High Definition Computer Monitors: These provide crystal clear images and amazing detail, and consumers can expect a price drop this year. Dell’s latest 28-inch ultra-HD monitor, for instance, will only be $699, compared with a price tag of over $1,000 last year.
6. 3D Printers: O.K., maybe this wasn’t high on your “to buy” list this year—but as quickly as the technology is advancing, you could soon be printing, on demand, everyday household items such as a shower head or a paper-towel holder. MakerBot will start shipping its new Replicator Mini 3D this spring, which costs more than $1,300, but is still 40% cheaper than MakerBot’s current cheapest printer.
7. College Tuition: At least 10 colleges will be cutting undergraduate tuition by anywhere from 10% to almost 50% this year. Some law schools, including University of Iowa and Penn State University, also plan to lower their costs. But the drops will likely benefit only those paying full tuition, as the decreased prices match what many students on financial aid already pay.
8. Insurance: O.K., this one is based less on market conditions and more on your own sheer willpower. Life, disability, and long-term care insurance companies could lower costs for you this year if you can prove that you’ve reduced your risk in some way, whether that’s by losing weight or quitting smoking. But the ball’s in your court: You have to ask for the price drop and provide proof that the new, healthier you is in it for the long haul.
Reprinted with permission from Learnvest. Want More?