Camera prices don't fluctuate seasonally, but most new models reach the market during two periods: March through May and September through November. During those times, many older models are replaced by more capable ones that often cost about the same.

To catch the wave of the latest models, buy between November and February or May and August. During those periods, older models might be discounted before they disappear. (A camera isn't long for this world if the manufacturer offers a limited-time rebate.) Scrutinize offers that are too good to be true. Some dealers use them to unload refurbished cameras. If you're comfortable with refurbished and the price is right, fine. But remember that the latest model, even without a steep discount, might be as good a value because it has more capabilities.