New appliances don't have to be costly – if you know how to shop for them. Consider these seven sources for savings:

1. Buy Last Year's Model

If you don't mind owning last year's model, you can shave hundreds of dollars off of your appliance purchase. Best time to shop: September and October when stores are under pressure to clear space for the new arrivals.

2. Shop the Scratch and Dents

A small scratch or dent could become your best friend if you're on a tight budget. Ask the sales associate if they have any damaged appliances for sale. Then, survey the damaged models to decide what you are willing to live with – even the smallest blemish can net big savings.

3. Buy What You Need

Have you ever noticed how the most expensive appliance models are typically the first that you come to in the store? No coincidence, I assure you. To keep yourself from falling for the latest bells and whistles, make a list of what you need before you venture into the stores. Then, buy the cheapest model that meets those needs. Just remember: that refrigerator with the built-in TV isn't going to keep your food any colder.

4. Do a Trade-In

It's no secret that trading in your car can save you money on a new car purchase, but did you know that you can sometimes do the same thing with your appliances? Check with appliance dealers in your area to see if any accept trade-ins. Then, find out how much your current appliance is worth. It could just be your ticket to a bargain.

5. Shop the Sales

Find something you like, but not thrilled with the price? Ask a sales associate when your pick is scheduled to go on sale. Waiting a week or two could be all it takes to reduce your purchase price by 25%.

6. Look for a Package Deal

Need a washer and dryer or all new appliances for your kitchen? If so, an appliance package could be your biggest source of savings. Retailers frequently bundle appliances to boost sales, and these packages can offer significant savings over the price of purchasing each item individually.

7. Buy a Floor Model

Do you mind if your new appliance comes with a box? If not, consider purchasing a floor model. You'll enjoy the same warranty that you'd get with a new-in-box item, without the new-in-box price. Sacrifice a little cardboard and save a lot.