Buy now or pay more later? Smart ways to shop as new tariffs take effect

PHILADELPHIA (WPVI) -- Buy now or pay more later? That's the decision many of us have to make as new tariffs could mean higher prices on everything from gadgets to groceries.

What will be the potential cost of tariffs this year to your family? According to a BudgetLab report from Yale University published in June: $2,000.

Luckily Consumer Reports has some smart ways to shop and save even in this topsy-turvy market.

Don't wait to buy items you already planned to purchase. If you need a laptop and have the money for it and the price has held steady, it makes a lot of sense to buy it now.

Another way to save is to shop for older models. TVs, laptops, and smartphones that are a year or two older often remain available at stores after newer models arrive. You might find that purchasing a factory-refreshed or gently used appliance, laptop, or phone can save you some cash. Apple, Samsung, and others certify the products they resell and even offer new warranties.

Switch to a less expensive brand or model. Maybe an item with fewer bells and whistles suits your needs just fine. For example, Samsung sells a number of well-made Galaxy phones beyond its flagship line. They're much less expensive and according to CR tests, they still do virtually everything you want a modern smartphone to do.

Finally, choose reliable products. Higher prices could persist. Choose products that are likely to serve you well in the long run. Members can use CR's ratings to review the most and least reliable brands in many categories.

Consumer Reports recently launched a price tracker that monitors the prices of 16 popular products. The tracker allows users to see weekly price changes and decide what's best for their budget.