Though you can make the decision on purely economic grounds, buying a computer is often more like joining a religious cult. Buy an Apple, for example, and almost by default you join Apple chairman Steve Jobs in his crusade against IBM. Every machine has its "users' groups" and a band of loyal enthusiasts who tout its merits. That makes it all the more difficult for the uninitiated to decide what machine to buy. Students have a huge advantage, however. The computer companies are so eager for students' business (it builds "brand loyalty") that many offer huge discounts.

In the past six months, IBM, Apple, and others have brought out new computers, and the fierce competition has forced prices down. Also, time is on your side: next year at this time you'll have even more choice and more computing power and features for the same price. On the other hand, this will probably be true for many years. So for those who need or want a computer now, it's a great time to buy one.