We’ve all heard that we should never buy a brand-new car because it can lose its value the second you drive it off the lot. What else shouldn’t you buy new? Take a look at these six items you should consider buying gently used:
A used ring? A secondhand necklace? Yep.
“While it won’t depreciate the second you buy it like a new car will, it will depreciate when you try to sell it,” said Caleb Reed, founder, TheDollarBudget.com. “Instead, buy used jewelry. When you buy used jewelry, you can save as much as 40% of its original price.”
And, Reed said, “once you have it refurbished and polished, no one will even notice it’s used.”
Whether it’s a recent Reese Witherspoon book club pick or the latest David Baldacci, Bob Scott, a real estate investor and founder of Sell Land, www.sellland.com, almost never buys new books.
“I believe that books, may they be brand-new or secondhand, serve the same purpose—which is to deliver the message of the author,” Scott said. “Perhaps there may be a bit of wear and tear or some earmarked pages, but nevertheless, they still have the same pages and content as brand-new ones. By buying used books, you could basically learn the same thing at a cheaper price.”
3. Infant Gear
It makes sense to buy used or even to rent high-end gear for a baby instead of buying new.
“New parents often hope trendy gadgets will help train baby to sleep better and longer or keep them entertained for longer so mom and dad can relax,” said Andrea Woroch, a money-saving and lifestyle-budgeting expert at www.andreaworoch.com, “but many of these infant items are only used for a few short months and hardly get used so dropping hundreds of dollars ends up being a waste of money.”
4. Gym Equipment
Not all of us followed through with our fitness goals during the pandemic, which means there’s a lot of slightly used equipment laying around. Luckily, there isn’t much risk involved in buying used equipment, said Elena Jones, founder of Finance Jar.
“Used ellipticals, stationary bikes, rowers, and weight supplies are a tenth of the price of the latest machinery,” Jones said. “Used gear can help save big bucks if you intend to establish a private gym at home.”
High-quality used wooden furniture, particularly pieces made with solid wood, can be a great deal.
“You can save over 50% by buying used furniture over new,” said Gary Grewal, a certified financial planner at FinancialFives.com. “Bed frames, dressers, kitchen stools, and bookshelves don’t serve you much purpose new versus used, especially when you find some made with good material and that are cared for.“
Adopt, don’t shop! If you’re considering adding a pet to your family, check out a shelter first.
“Instead of spending hundreds or thousands of dollars on a new family member, you can adopt one for just a few dollars,” said Jibran Qazi, online marketer of MCPD. “By adopting a pet from the shelter you can spend time with the animal before you buy, unlike when you purchase from a breeder, you don’t always get to spend time with the animal prior.”
You can also save on vet bills by getting pet insurance.