TV Total: The Real Price of Your New TV

TV’s cost much more than just the sticker price. Often, we focus on the listed price of the television but fail to factor in everything needed to get the television installed and working to its fullest potential. We may also underestimate the funds needed to protect our investment from accidental damage, defect and simple day-to-day use.

Here are things to consider when figuring your television budget:

Television ($80 to $4000+)
The cost of the television depends on the type of technology you want and the size. You can easily get a 20 inch CRT TV for under $100, but a 52 inch LCD may cost you over $4000. For your second or third television in a bedroom or kitchen, you will likely only need an old-fashioned CRT TV or a small LCD. For your home theatre, you may want to invest in a large rear projection, plasma or LCD television.

Applicable Tax (6 to 9%)
If you have decided to spend around $1000 on your new television, you will need to add $60 to $90 in sales tax.

Shipping ($0 to $200)
If you choose to buy your TV online shipping may be free, though many online retailers charge just short of $200 for shipping such a large item.

Cables ($0 to $70)
Your new television may not come with all of the cables needed to connect to your devices. Typically you will need to purchase a HDMI cable (about $50) and perhaps a DVI (for around $20). You may also need various adapters and so on.

Surge Protector ($60 to $300)
Modern TV’s are like computers and are sensitive to fluctuations in power. You should protect your TV and other devices with a surge protector designed for home theater. These cost anywhere from $60 to $300. Many of these types of surge protectors also add additional features like noise filtering.

Installation ($150 to $300)
If you plan to have your flat panel mounted to a wall, it is a good idea to get professional help that is insured. If you attempt to wall mount your new television yourself and accidentally damage your television, you are out of luck.

Service Protection ($150 to $500)
TV’s used to last forever; they had few complex parts and were affordable, but new TVs are complex and expensive to repair. They have pieces that need to be replaced from time to time and many people say you can expect something to go wrong with your television in the first five years, so you may want to look into a protection plan or plan to spend some money on maintaining your television. Service protection plans can run anywhere between $150 and $1000.

With all of these additional expenses in mind, for a $1000 TV you may want to budget an extra $400 to $1500 to cover taxes, shipping, cables, surge protectors, installation and a service plan.