It pays to buy secondhand, and we’re a country that knows it! We spend about $13 billion a year on used goods and likely save billions more in the process. So, to keep more cash in your pocket, here are seven items never to buy new.
Auto experts at Edmunds.com say the second you drive a brand new car off the lot it loses roughly 11% of its value. And it continues to depreciate between 15% and 25% each year for the first five years. For a better value, opt for a certified pre-owned vehicle. For example, a great condition 2010 Chevy Malibu Sedan goes for about $16,000, while the 2013 model costs roughly $25,000, according to Edmunds.com’s True Market Value calculator.
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Frugal fashionistas know you don’t have to always buy new to look like a million bucks, thanks to high-end consignment shops found online and off. Find designer brands you love — but can’t afford at full price — for up to 70% off at sites like SnobSwap, Karma Couture and even eBay. We found a silk Prada dress that sells new for $750, but is available previously-owned at Karma Couture for $500 less.
Although it may be rich in sentimental value, fine jewelry can lose as much as 10% of its purchase price in the first year of ownership, partly due to hefty markups. Watches depreciate more slowly, at about 5% per year. So if you’re looking for new bauble to add to your jewelry collection, you’ll get a bigger bang for your buck at estate sales, pawnshops and online retailers.
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From boats to campers and RVs to jet skis, the original price of sporting equipment doesn’t hold up well when you try to unload it. According to the PowerBoat Buyer’s Guide, boats and yachts can depreciate up to 50% in the first five years of ownership.
Pricey items such as treadmills and road bikes can be found at steep discounts when bought previously owned. A Trek 1.2 aluminum bike sells new for nearly $1,000, but a 2010 model is going for just $455 on eBay. Another tip: bike shops that rent gear to racers will sell the previous year’s models for as low as $200 to make room for new inventory.
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Books, DVDs, Video Games
With secondhand books, DVDs and video games available everywhere from Amazon Marketplace to eBay to your local thrift store, it doesn’t make sense to pay a dime more than necessary. For example, Dan Brown’s latest novel, Inferno, retails for $30, but it’s already going for as little as 10 bucks online.
Finally, if your child is taking up an instrument, we found a violin on eBay for less than $40 with excellent reviews from the seller. A similar instrument retails for $300 at a music shop.
What are other items you should never buy new? Connect with me on Twitter @Farnoosh and use the hashtag #finfit.