8 Things That Will Get Cheaper in 2014
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In November, used car prices fell 3 percent to about $15,600, the lowest price since the third quarter of 2009, according to Edmunds.com. Analysts at the auto site expect prices for used cars to remain soft, after years of above-normal prices. Prices for new cars may decline slightly as well, since dealers will need to compete with a flood of recently returned, leased cars in relatively good condition.
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The continued domestic oil boom is increasing the U.S. oil supply even as demand declines due to greater fuel efficiency, a move away from oil heat, and a shift to natural gas. That’s putting long-term pressure on the price of oil and the gas it produces. The U.S. Energy Information Administration expects prices for a barrel of West Texas Intermediate Crude Oil about 3 percent to $95 per barrel, and gas prices to decline about 2 percent to $3.42 per gallon.
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Interest in 3D printers has become mainstream, but with price tags of several thousand dollars, the machines have until now remained out of reach of the average consumer. That could change next year, following the expiration of several key patents that enable 3D printers to work. The cheapest printers to hit the market next year could cost just a few hundred bucks.
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Sorry, Apple, you’re not the only game in town any more. Cheap, Android tablets are continuing to flood the market, and they’re starting to make some headway in terms of market share, pushing prices down across the board. Companies like Acer and Lenovo have introduced tablets priced below $150.
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With a nearly saturated market, cell phone manufacturers have started competing on price in order to get consumers to purchase a new mobile. The average price for a smartphone this year dropped nearly 13 percent, from $378 to $337, according to International Data Corporation. The market research firm expects prices for smartphones to continue to drop for the next five years.
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Continuing a trend that started this year, big banks next year will continue making formerly elite perks more accessible to a broader audience. That means that incentive programs such as trip insurance and rental car discounts, which were previously available only to cardholders who paid an annual fee, will now be offered to no-cost cardholders.
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After record coffee production by Brazil last year, overall prices for java beans have fallen throughout the year and are projected to continue to decline. Prices for a pound of coffee have already fallen more than 12 percent so far this year, and there’s no end in sight to dropping prices. Don’t expect to see a price cut on a latte at Starbucks, though, so far the retail chain has pocketed a bigger profit without passing along the savings to consumers.
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With interest rates expected to start to climb next year as the economy continues to stabilize and the Fed begins to taper its bond-buying program, the price of bonds will likely begin to fall next year. That doesn’t matter for folks who own individual bonds and plan to hold them to maturity, but weak prices will hurt the value of bond funds. Switching from intermediate- to short-term bond funds will shield you from interest rate hikes but will also bring a lower yield.
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