There are times in life when buying something used can save you a lot of money upfront. However, sometimes buying new can save you more money in the long run.
This post compares a few different purchases and whether you’re better off buying them used or brand new.
Property is a rare case where buying brand new is often cheaper than buying ‘used’. Property typically appreciates in value the older it gets.
Older properties are also more expensive to maintain due to more wear and tear, and they often come with higher energy bills. New builds tend to be more affordable due to not having a previous owner, as well as access to various new build incentives.
Most builders now work with clients to try and make property as affordable to build as possible. New properties are also very energy-efficient and you don’t have to worry about making as many repairs.
New cars are typically more expensive to buy upfront, however many people insist that they’re cheaper in the long run. Evidence shows that this isn’t true – new cars are generally more expensive by all accounts.
Used cars may require more repairs and may not be as fuel-efficient, but new cars are often more expensive to insure and depreciate heavily by the time you sell them.
It’s also easier to buy a used car without the need for finance than it is with a new car – interest fees will add up in the long run.
With many household appliances, it depends very much on the quality you’re after as to whether you should buy used or brand new.
If you’re happy with a basic refrigerator or basic washing machine, you can save money by constantly opting for used appliances – you can pick up basic used appliances via sites like Craigslist and Facebook for a few dollars (and even sometimes for free), although such appliances typically won’t last more than a few years.
When it comes to more top-end appliances, you’re generally better off buying something brand new. Some of the newest top end appliances are very reliable and will last years, while also using up very little electricity or gas.
Used furniture is almost always a cheaper deal than new furniture. You can pick up decent used furniture for a few hundred dollars, while the same furniture may cost thousands brand new.
Obviously, it depends on your furniture needs as to whether you should buy new or used – an advantage of brand new sofas and wardrobe is that you can often customize them, whereas you can’t do this with used furniture.
When it comes to clothes, you can also save a lot of money by opting for used clothes.
Providing that you’re not too brand-conscious, you can pick up many used items of clothes very cheaply online and in second-hand stores. Many are likely to still be in very good condition, while being much cheaper than if you bought them new.
Most of us don’t pay to get clothes repaired, so there are really no long-term savings from buying brand new clothes.