Saving money: when should you buy second hand?

With today's tight economy, we're all into saving a few bucks where we can. On the other hand, we also don't want to save money and lose value in the purchase. When you buy second hand products, you're bound to save money, but are you getting a commensurate amount of value for your purchase? Here we've got a few tips that help you make a decision between when it's smart to buy new and when you'll do well to buy second hand.

Most of us are used to buying 'pre-owned' cars. If you shop around and have the vehicle of your choice checked out by a mechanic, you'll undoubtedly save some substantial amounts of money, getting a reliable vehicle into the bargain. However, if you're looking to buy second hand appliances, such as a refrigerator or electronics, it becomes a bit more dicey. Even when buying from a retail shop, you may only get a short warranty period after that, you're on your own. So, with the exception of a car checked out by your own mechanic, most bigger-ticket second hand items can pose a risk you'd rather not take. However, there are so many other household items that can be purchased second hand, at a fraction of the price of its new counterpart. When you regularly buy second hand from this long list, it all adds up to significant dollars saved, dollars you can put in the bank for a rainy day, or use for purchases you thought you couldn't afford just yet. Let's take a look.

1. If you've got growing kids, you know that clothing expenses add up by leaps and bounds, depleting your wallet on a regular basis. Take a tour of the thrift and consignment stores in your town. These types of stores are becoming ever more popular, for obvious reasons. You'll find clean and stylish clothing even a teenager can love, at a cost of just a quarter to a third of the department store's offerings.

2. Sheets and bedding: as far as I'm concerned, a household can hardly have too many sets. If you buy new, your budget may call a halt to building an extensive collection once you've got 'what you need'. If you buy second hand (thrift stores usually have a large selection), you can have that extensive collection at a far smaller cost. This also means you can save on laundering: a full load of sheets can be done, less frequently and with less power and water usage.

3. Fashion accessories, such as hand bags, belts, and costume jewelry are found in prolific amounts at the thrift stores and consignment shops. Again, you can easily have three times the choices in your wardrobe for much less than you'd pay in the department stores for just one bag, belt or whatever.

4. Some small appliances, like coffee makers, rice cookers, slow cookers, blenders and bread makers have been around for a while the limits of the technology have already been pretty much exhausted. Here again, the thrift shops can save you lots of money on a replacement appliance. While you don't get a warranty, they will allow you to plug in the unit to be sure it works. On average, you'll pay no more than 25% the price of new, when you buy second hand appliances.

5. Dinnerware, glasses and cooking utensils for everyday use are also found in abundance at the thrift and consignment shops. You can find an entire table setting for around 50 cents a plate or glass. During the holiday season, you can find some seasonal items, such as a Santa cookie jar or holiday decorated glassware at downright cheap prices.

By now, I'm sure you can see that this list is just the tip of the iceberg of savings to be had for so many ordinary household items. Besides, it's fun to browse these shops for interesting items on the cheap. When you get in the 'buy second hand' mode, you'll be saving money while, at the same time, not spending excessive amounts of time battling the crowds at the mall on sale days. Once you've discovered a few choice second hand shops, you always have something to do as you save on a rainy day.

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