Since we pretty much live in a throwaway society, the savvy shoppers that know how to snap up good deals on those items others are readily willing to depart with can snag themselves a smart money moves deal. Some garments of clothing such as socks, underwear, and shoes are never to be bought used unless you want to think twice every day you slip them on your body. However, there are purchases that can really last for a long time and improve your bottom line if you shop the right way. Here are my five items to always buy used.
- Office Furniture- Whether you are searching for new office furniture for that space you have leased or the home office you recently built out, there is a glut of office furniture on the market place. Remember, that many companies have gone out of business over the past five years and this can allow you to grab a great deal by looking online or visiting a used office furniture store. You’ll be surprised what you can get for your money.
- Cars- Our family has not bought a new car in twenty years. It’s just this simple. If I had an investment which guaranteed you would lose half of its value in two to three years, would you buy it? Of course not. You might look really cool in that newly decked out ride, but it’s going to come with a hefty price tag. Do yourself a favor and look for an automobile that is two to three years old.
- Video Games- Recently, I was at the EMP Museum in Seattle which had a wonderful exhibit on the history of video games. I had to laugh out loud looking at the early video game transgression from Atari to Intellivision to the early days of Nintendo. I counted over 25 different video game consoles. Games change all the time. Think about how obsessed everyone was with the Wii just a few years ago and where that game console and technology is today. Focus on making your children get used video games and you’ll be able to help them have lots of fun while stretching your dollar.
- Gym Equipment- Are you a dummy if you pay full price for a dumbbell? Yes! A five pound metal barbell or forty-five pound disc you use to bench press are all really just the same. You can also use websites such as www.usedgymequpiment.com and get a remanufactured treadmill, stationary bicycle, or elliptical machine at a really good deal. Unless you are an extremely heavy equipment user, your family can save a lot of money by getting gym equipment items after they have already been used.
- Watches- As nice as the thought may seem to get that brand new Rolex watch, there are a litany of websites and local stores where you can pick up a used watch. Perhaps it is at a garage sale or an estate sale where you find the watch. You can easily look within the online community and see who is selling one of these. If you are going to spend more than a few hundred bucks, then make sure you take to someone to verify that it is real.
These are five smart money moves on what to buy used all the time. What is your number one used item that you will never buy new?
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Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS® Co-CEO and Founder oXYGen Financial, Inc. Securities and Investment Advisory Services offered through NFP Advisor Services, LLC (NFPAS), Member FINRA/SIPC. Oxygen Financial is not affiliated with NFPAS.