8 things to buy used
We all know that buying used can save a lot of money, but it has the potential to pay off big or leave you with buyer's remorse in some cases. Here is a look at some items that are better to buy used and reasons why.
1. Vehicles. The minute you drive a new car off the dealer's lot, your purchase automatically drops in value. This makes buying a used vehicle often a better deal, especially since the supply of pre-owned vehicles is once again on the upswing.
2. Home furnishings. There are many places to buy used furniture because high-quality furniture is made to last. Think consignment stores, antique shops, estate sales and seasonal yard sales. Searching online through sites such as Craigslist or eBay may also hold some treasures for you.
3. Designer clothing. Designer labels on new clothing are sure to come with a high price tag. For example, designer jeans may cost $150 to $200. But the same pair of jeans found on a consignment rack may be a third of that cost.
4. Swing sets and jungle gyms. Your local newspaper's classified ads are a great place to find used outdoor play equipment. Since kids quickly outgrow such sets, you may not want to pay several thousand dollars for new equipment. Keep safety in mind, though. Be sure it's in good condition and check for recalls.
5. College textbooks. Many students (and their parents) don't want to pay full price for new college textbooks that may be used for just one semester. Look for websites that can help you find the lowest price by searching multiple online retailers at once.
6. Musical instruments. New instruments are often pricey - especially if you're not sure you (or your child) will stick with it. Consider buying a used instrument and putting your savings into music lessons instead. Many school music departments hold instrument swaps or used instrument sales at the end of the school year to help families find new homes for old instruments.
7. Formal attire. With formal dances and weddings, it may not make financial sense for you to pay full price for a dress that may be worn only once. You can expect to pay half the cost of a new dress when buying used.
8. Exercise equipment. Many people buy the latest fitness equipment and then turn around and sell their elliptical machine or treadmill because they don't use it. This makes most used exercise equipment purchases an especially good deal - mint condition and huge savings!
We can help
Whether you end up buying used or new, we're here to help with financial products and services to meet your needs. Visit one of our branches or call 1-800-288-3425 to speak with a banker today.
Financial Wellness 101:
- The importance of saving
- Preparing your first budget
- Defining and setting goals for a good financial life
- Home renovation mistakes: how-not-to
- Monitor your financial identity by reviewing your credit report
- Live prepared: get these 25 key papers in order
- Could your family make it on one income?
- Build yourself a safety net with emergency savings
- 8 things to buy used
- Annual financial check up
- Have a financial strategy