Buying used or second hand things, in some cases is actually good and makes perfect financial sense. Here are some of the things you can consider buying second hand or used.
We love purchasing new stuff, flaunting it and feeling proud to have achieved something we wanted. It could be a new smartphone, new car or maybe even a home. Or it could be the smaller things in life; whatever it is we love to buy NEW stuff. But do you pause and think, that you could have considered buying USED items or second hand or Resale stuff. Would it make sense? NO why would it? New is New and used or resale is generally bad or has some fault, right? WRONG. Not always and not in all cases. Infact there are certain purchases and certain things that can actually be bought in resale/used/second hand. They make more sense financially as well as at times are so good in terms of condition that you do not feel it is actually used.
Things you CAN buy in Resale:
Buying a home is a big achievement for a lot of us even though a home can actually be your biggest liability. Buying a Home in resale makes a lot of sense especially if you are going to take a loan and are planning to use it for self-occupation. Resale home save a lot of money and surprises and at times is a better investment too. New homes are fancy, loaded with amenities; but trust me a lot of it is hardly used or maintained by the members once they years and the novelty factor jut goes. A Resale Property is thus an excellent decision.
You get what you get what you see.
It is ready to move in, so EMI starts immediately unlike under-construction where you are only paying interest.
More space compared to today’s constructions.
You save on huge maintenance costs.
You can verify every legal aspect of the property.
You do not shell out extra as to the Builder as Maintenance.
You save on Service Tax and VAT.
If you are able find a building older than 20 years in strong condition; it can go for redevelopment, giving you extra space and New Home.
A lot of people argue that buying a NEW car makes a lot of sense since you incur less expense and New Car always looks and sounds good and there are endless reasons they have. However, trust me; Used Car actually makes more sense to buying a new one. In any case car is a depreciating asset.
Yes there will be niggles and issues but nothing that will burn a whole in your pocket if you buy a car after getting it tested from a trusted mechanic and do not buy a car that is more than 6-7 years old.
Buying a year old Car will give you almost all features of a new car at a much discounted price.
Insurance premiums will reduce, since IDV of the car is lower.
You need a trusted mechanic who can check the car for you and tell you exactly what to expect.
Some car websites and dealers often give genuinely verified cars with 1 year warranty too.
You also save on accessories if the car is already fitted with some.
You can safely buy a car upto 5 years old, and you won’t have many issues if you thoroughly got the car checked.
You know the car is used, not the other guy on the road. A car is a car as long as it is in good condition, be proud to own one, even if it is used.
Even if you have to spend some cash on some niggles, still you will be saving a lot of money when compared to a new car. Just make sure the car is SAFE to drive and does not have any life threatening faults.
Some Baby accessories:
We are emotional creatures and especially when it comes to babies we don’t consider used items but it makes a lot of sense to do that actually. Babies grow fast, and a lot of expensive things you buy are just going to lie in a corner and rot. There are things you should buy used like Strollers or Prams, Carry Cots, Recreational Baby Swings, High Chair, Walkers, etc. Of course buy a new crib and ‘palna’ for your baby, but other things you can always go for used.
General Accessories like Laptop Tables, Study Table, PC Table, Portable Speakers, expensive Data Cables etc can all be safely bought off resale.
Video Games and Movies:
A new game costs double of what the same game will cost a few months down the line. If you can be patient, you can always opt for used, second hand video games. Same goes for movie DVDs. Try looking for someone who is selling his/her collection of movies and you could pick some cool movies for a lot lower cost.
However there are certain things you shouldn’t be buying in resale or second hand.
Anything to do with technology is best bought new. It will be outdated, slow-down and make you pull your hair. If you can, just wait for initial 3-6 months after a new gadget is launched and make a purchase. Prices fall too soon now-a-days in the field of technology and hence buying new stuff makes sense. Also there are affordable gadgets across categories so you need not worry about it either.
Safety or Health Accessories:
Anything thing that has to do with safety or health should never be bought second hand. Things like safety harness for adventure sports, Helmets, Car seats for Babies, etc should be bought new.
Car Tyres should never be bought used or in resale. Buy new ones; replace them when the time is right. Even if you are buying a second hand car, check the tyres and if you feel them even slightly worn out, just do not think twice and get them replaced. If the tyre doesn’t grip or worse, bursts while travelling it can lead to serious accidents.
Personal Care Items:
Anything to do with personal hygiene or personal use should obviously not be bought second ‘hand.
If I have missed something, be sure to put it in the comments below. It is only a Myth that says old, used items are never good; infact in today’s day and age, it makes perfect sense to buy resale stuff that is safe for use and in good condition. It makes good financial sense.