Whether you’re shopping for someone else or planning to pick out the perfect digital camera for yourself, everyone knows electronics can be a costly investment. Rather than rushing out to the store and purchasing a digital camera on the spot, do some research and compare cameras to find the one that best suits your needs. Once you’ve narrowed down the extensive inventory of cameras in electronics stores, camera shops and on the Web, the next step is to shop around for the best price.

Depending on the vendor, some merchants will have higher markup than others. When a town is known to be relatively affluent, you can bet your beans that a lot of the stores in that town have higher prices than the same stores in another less wealthy town. In some cases you can obtain the same brand-spankin’-new camera for $50 to $100 cheaper at a superstore like Wal-Mart than at a specialty camera shop.

Here are five ways to save money on your new digital camera, so you can still get the camera you want for an unbeatable price!

1. Bid for it. If you know exactly what you want and how much you’re willing to pay for it, you are so much better off! Visit an online auction site – especially eBay® - to locate and purchase your item at a potentially rock bottom price.

2. Become a price sniper. Check out sites like Froogle.com and MySimon.com to keep tabs on which company offers the item at the lowest price. When you find a price in your comfort zone, take the next step and inquire about ordering instructions and warranty information.

3. Wait for it to go on sale. Like Tom Petty said, “the waiting is the hardest part.” When I bought my digital camera, I couldn’t wait. The vacation of a lifetime awaited and I wanted a great camera to shoot all the memories. If you can afford to wait, watch the sales vigilantly and make a point to save a certain amount of money each week. If you have some cash set aside to help pay for your purchase, your piggy bank won’t be as sore when you do buy. If you plan to shop around the holidays, be on the lookout for incredible buys during the Black Friday shopping extravaganza!

4. Cash in on a rebate. When you purchase an item with the intentions of getting cash back, it is imperative that you actually send in the rebate in a timely fashion. Rebates can save you $100 or more in some cases, so be on the lookout for these great shopping promotions.

5. Consider buying a “gently used” model. If you can test it out and examine the product for flaws, entertain the option of buying a slightly used model, especially if it is from someone you know and trust. You can save boatloads of money by purchasing used items in lieu of their expensive, brand-new cousins. If you’re comfortable with using a pre-owned camera, this might be the way to go.

Take your time as you shop for the best digital camera to suit your personal and professional needs. Never rush into a sale and always explore the return policy and warranty information. Be wary of online retailers that you can’t call on the telephone – you want to be sure a company is legitimate before you send them hundreds of your hard-earned dollars. Lastly, don’t let the pressure of buying a new camera become stressful. Picking out new toys is supposed to be fun!