(MONEY Magazine) – Better. Faster. Sleeker. Cheaper? In the world of technology, time, it seems, brings better and better deals to consumers. Cell phones get more multifunctional (it's a camera, a personal digital assistant and, oh, yeah, a phone); TVs get thinner and boast higher definition; computers do more and more--store more apps and work as home-audio storage systems as well as plain old word processors. All the while, prices keep dropping. Here's how to get the best deals in an ever-shifting environment.

--COMPUTERS Right now, the fastest Intel chip runs at 3.2 gigahertz, but if you buy a computer with a 2.8GHz chip, you can save $500. "Most people can't tell the difference between a 3.2 and a 2.8 chip," says Bill Howard, a PC Magazine columnist. "They're both more than adequate for applications like word processing, spreadsheets and going online."

Another tactic: Buy factory-refurbished units directly from the maker to save 15% to 20%. These are practically brand-new computers--they've been opened, even booted up--but the first owners quickly decided they didn't want them or couldn't afford them. Dell (dell.com), Gateway (gateway.com) and Micron (buympc.com) sell refurbished computers with full warranties on their websites.

Several brand-name computer makers, like Dell and IBM, also have their own stores on eBay. There you can bid on new and refurbished goods directly from the manufacturer.

--GADGETS January and June are usually the best sale months for consumer electronics, as retailers clear out inventory and make room for the next round of upgrades. In January, for instance, when new digital cameras came out with five megapixels instead of four, prices of older digital cameras dropped 10% to 15%.

Before you buy, it's important to bear in mind how prices are moving, as well as what improved features come with new models. With PDAs, digital cameras and camcorders, the combination of stable or falling prices and the enhanced features that come with every latest version often makes waiting around for new models worthwhile. But when it comes to audio equipment--since improvements don't come every year and prices are somewhat steady--wait for the big electronics sales that arrive every New Year's Day and Fourth of July to pocket the biggest savings.

--NELSON WANG