New isn’t always better. In many cases, new means paying inflated prices and having the value drop significantly the second you walk out the door. Buying used wisely can be as good as new while saving you a load of cash.
10. Cars
The price of new cars is heavily inflated. The second you drive off the lot the value of your new car plummets. After signing the paperwork, you’re upside down on your car loan. You’re much better off purchasing a newer car, a slightly used car that has been well cared for. This avoids the depreciation loss.
9. Other Vehicles, Boats, Motorcycles, and RVs
All other types of vehicles such as RVs, motorcycles, UTVs, ATVs, boats, and sports watercraft all have the inflated markup by dealers that you’ll find on new cars. Again, if you want to get the most bang for your buck, seek out a lightly used vehicle that’s close to new and well cared for.
8. Pets
This one’s bound to stir some disagreement. Nonetheless, spending big bucks on a purebred pet can be a disservice to animal welfare. There are many animals in shelters that need homes. You can get these animals free or on almost-free adoption days. Everything from bunnies to birds. You won’t necessarily get a better pet just because it has a pedigree.
7. Timeshares
If you’re interested in a timeshare – don’t ever pay full price for a new one. Some people are practically giving them away because they are desperate to get out from under the annual fees. Contrary to popular belief, a timeshare is “not” an investment. Some people see them more as a trap rather than an opportunity.
6. Books
Unless you’re buying a limited first-edition book, new books aren’t a wise investment. You can get them used for half price (that includes textbooks). Taking this a step further, unless you need them for a class, you shouldn’t buy them at all. Most people can meet their reading needs by visiting their local public library.
5. Sports and fitness equipment
Sports and fitness equipment lose value fast. Another thing that frequently depletes fast is the interest or commitment of the person buying it. This stuff often ends up collecting dust. Instead, look for equipment in places like thrift stores, garage sales, Craigslist, or Play It Again Sports. That way, when you quit using it, you’ll lose less money.
4. Movies and Music
You’ll spend less renting movies to stream than purchasing. But if you must own, you’ll save a lot of money by purchasing used online, at a thrift store, or garage sale. Plus, a lot of movies and music can be streamed for free. For music, you can stream practically any music ever recorded on YouTube for free.
3. Musical Instruments
New musical instruments often have a high markup and take a huge drop in value when you walk out the door. You’re much better to purchase instruments that have been well cared for on sites like Reverb, eBay, or even Craigslist. You can also find incredible deals from a pawnshop. Instruments bought used and later resold often retain their value.
Read More: 10 DIY Projects Most Likely To Lower Your Home’s Value
2. Jewelry
New jewelry depreciates significantly in value. It’s much better to buy used. However, before buying from a private seller, you’ll want to get an appraisal, especially if significant money is involved. You can also find deals at estate sales, reputable pawn shops, and jewelers. eBay may be okay, just watch for scams and safe payment methods (no wire transfers).
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1. Houses
A newer house doesn’t guarantee it’s in better shape. Many homes today utilize cheaper construction and lack the craftsmanship and quality materials of older homes. A used house has many “kinks” worked out so you don’t have to deal with them. Still, if you want newer energy efficiency you can save money by being a home’s second or third owner.
Read More: 20 Home Renovation Projects to Add Value to Your Home
