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Can you really save money by price matching or are price match policies just a marketing gimmick? Most retailers including Best Buy, Sears, Target, and Walmart all have price matching  guarantees. But few consumers ever bother to use them. Sometimes however, due to service preferences, gift cards, return policies, or retailer loyalty, you'll want to do a price match. If you really want to save some extra dollars, especially on bigger ticket items, here's how to price match your way to savings.
Why We Don't Price Match
If we all want to save money, why do so few of us ever use a price match guarantee? First, retailers often carry slightly different models of electronics, appliances or other merchandise that makes it virtually impossible to compare prices. Looking for a mattress, it's nearly impossible to every find the exact same model between retailers. The mattress industry does this to reduce price competition between retailers.
Second, price matching takes time. You need to do some comparison work in advance and you have to pretty much know exactly what models you are purchasing ahead of time. If you want to get an item on the spot, it's difficult to know the exact prices. In many cases, the slight difference in price doesn't justify the time and effort. With mobile Internet however, in store price matching is becoming far easier.
Price matching policies come with restrictions. Few local retailers will price match an online retailer unless they have a local presence. Most will also require that the competitor have it in stock and ensure that it's not on closeout or some other limited inventory sale. Most retailers will also have their associates verify the local price which takes up more time. Some associates don't understand the price match policy and in some instances, consumers complain that the price match policy is disregarded altogether.
Price Matching: Too Much Effort?
If there are so many reasons why we don't price match, why bother doing it at all? For certain items, the savings are well worth the effort. Take this example. Best Buy and Sears both compete vigorously in everything from refrigerators to stoves and washing machines. They both have an advantage over online retailers in their ability to deliver next day and install appliances. But typically, Best Buy will have the price edge whereas Sears tends to have better servicing under warranty. For example a GE 6.0 cubic foot dryer at Sears was priced at $459 whereas Best Buy had it for $399. Sears has a price match guaranty of 110% of the difference, or in this case, including tax, about $75. That's enough of a difference to spend 20 minutes.
Generally speaking, price matching electronics or appliances less that have a retail price of under $100 seldom makes sense unless the price difference is huge. Most of the time, items at this price level can easily be purchased online for the cheapest price. But on big ticket items like major appliances, it often makes sense to do the price match. Here's a simple method that works and will save you a ton of hassles.
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