Published: Thursday, 13 Nov 2008 | 10:10 PM ET

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By: Carlo Dellaverson
Web Producer

If you’ve been holding off on buying a new flat-screen TV because of their hefty price tag, we’ve got some good news.

With consumer electronics retailers from Circuit City to Best Buy reeling from the weak economy, their pain could turn into your gain. Plasma and LCD televisions are selling for less than ever before – nearly 20% cheaper than this time last year. And even though prices are dropping, performance is improving, as long as you buy quality.

Paul Reynolds, electronics editor for Consumer Reports, said that many lesser-known brands are nearly as good now as the much more expensive top-of-the-line brands. The differences picture on many TVs by Vizio and Insignia are subtle compared to those by more well-known brands like Panasonic or Samsung, but the savings are considerable.

When you’re shopping for a new set, pay attention to the numbers, Reynolds said. Most HD sets tend to come in either 1080p or 720p, which is a measure of how many pixels are on the screen. 1080p sets are capable of displaying in greater detail on HD signals, but 720p sets are often much less expensive. While Consumer Reports tends to recommend 1080p, Reynolds noted that some 720p sets do well in the ratings.

Carmen likes to boast that she picked up a new flat-screen last year right after the holidays and saved 40%! But with prices down so much in such a short period of time, Reynolds cautioned against predicting that caliber of savings this year. There’s simply less room to drop with prices down so considerably already, he said. Also, remember that the best deals on consumer electronics tend to come early in the holiday season. So if you’ve got the cash and ready to buy, it may not pay to wait much longer.

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