Many fans would love to enjoy the 2024 European Football Championship on a new, high-resolution television. But anyone who then agrees to installment financing because they found a great device online should be careful. This was the result of an analysis by the comparison portal Verivox, which was made available exclusively to WELT in advance. Up to 500 euros in credit costs are due if you buy a TV set costing 2,499 euros on installments with a two-year term.
This makes the offers from the three largest German mail order companies Amazon, Otto and Media Markt/Saturn more than twice as expensive as a cheap bank loan. Of the three online portals examined, Otto has the most expensive conditions with an effective annual interest rate of 18.94 percent.
The television for 2499 euros over 24 months costs an additional interest of 480 euros. For comparison, an installment loan taken out in April with Verivox was used, which cost an average of 6.79 percent interest. These conditions would have resulted in interest costs of just 175 euros for the purchase of the television.
The costs are somewhat lower for the other two retailers. The interest rate at Amazon is 12.6 percent. This means that customers pay 322 euros in interest for the value of the goods examined, 2,499 euros. Media Markt/Saturn charge 11.9 percent interest and the interest costs add up to 305 euros. This means that purchasing on installments via the online retailer Amazon is 84 percent more expensive than purchasing on installments via the online retailer Amazon and 74 percent more expensive via Media Markt/Saturn than an installment loan independent of the retailer.
“At first glance, installment financing directly through the dealer may seem more convenient, but it can quickly become a cost trap. We recommend taking a close look at the dealer’s terms and conditions,” says Oliver Maier, Managing Director of Verivox Financial Comparison.
However, it can also be cheaper: Mediamarkt/Saturn, for example, offers zero percent financing, but this can only last for ten months. The loan is arranged through the BNP bank, which, according to the Media-Saturn homepage, cooperates with Mastercard.
Anyone who takes longer to pay back will pay a hefty 17.9 percent effective interest per year. No wonder the two-year comparison doesn’t look so good. But anyone who can pay back their TV in ten months or less will get their TV financed “for free”.
And there is another aspect that is relevant for the new TV set for the European Championship: Shortly before the start of the European Championship, prices for televisions fell in online retail, the comparison portal guenstiger.de found. The prices for OLED, QLED and UHD devices were examined. 87 percent of the 130 or so most popular devices on guenstiger.de are available at significantly lower prices than at the beginning of the year.
OLED TVs, which cost an average of 2032 euros at the beginning of the year, are currently only 1756 euros. And QLED TVs have fallen from 1082 euros in January to 986 euros now. UHD TVs cost an average of 593 euros today, down from 636 euros in January. On average, consumers could save ten percent.
“The upcoming European Football Championship is a good reason for many consumers to buy a new television. Our price analysis shows that now is an ideal time to do so, as the prices for many models have fallen significantly. Buyers can currently find attractive bargains, especially on OLED and QLED TVs,” says Nicole Berg from guenstiger.de.
A comparison by Stiftung Warentest showed that the cheapest device rated “good” costs 435 euros. It is an LG and has a screen size of 40 to 50 inches (1.02 to 1.27 meters). A good OLED device in this size, also from LG, costs 1850 euros.
Even for larger TV sets, there are good OLED screens for 1200 euros (55 inches). For the largest screens with a diagonal of 1.65 meters, an OLED device costs from 1850 euros. An LCD TV with a screen diagonal of 1.65 meters is almost as long as a football player is available from 710 euros.
“Demand for large devices with 75 inches and larger is increasing, especially during sporting events,” says Mediamarkt/Saturn. However, the top sellers are still TVs in sizes 55 and 65 inches. OLED technology is currently in high demand among customers. There are also occasional offers from LCD technology.
Stiftung Warentest has a few more tips for TV buyers: Especially with sports broadcasts, it is important that the fast movements appear fluid. However, not all devices offer convincing moving image optimization. The OLED devices from LG, which were rated “good”, are particularly effective in this regard.
In addition, not all devices have a sufficiently wide viewing angle. The easiest problem to solve, however, is that the sound quality is sometimes not good enough. This can be changed by connecting it to a stereo system or a sound bar. The sound can also be improved with a Bluetooth speaker.
And the last but not least tip for buying a TV: Many TVs would appear smaller in the store than at home. Before ordering online, it is also advisable to use a simple cardboard template to check whether the TV will fit in the space provided. The distance to and size of the screen should also be appropriate. You should be able to see the entire screen at once.