When Should You Buy Used Goods to Save Money

August 24, 2017
Everyone has heard of saving money by buying a used car instead of a new car. This is a widely accepted strategy that helps people who cannot afford a new car still be able to drive.
When Should You Buy Used Goods to Save Money

Why isn’t the same “buy used” idea as widely accepted when it comes to other major purchases? Thrift stores sell used furniture, clothing and sometimes even electronics. Even major retailers sell items that are slightly used (things that were returned to the store by the previous buyer, for example).

Two important terms to know if you buy used

Two important terms to remember when looking for used items are “certified refurbished” and “open box.” Certified refurbished products are usually sold by major online retailers. These items are used, but they have been inspected and if necessary, repaired. Open box items are usually sold at brick-and-mortar retailers. Basically, they were bought and then returned to the store for a refund. Though policies vary from place to place, most open box items have been cleaned and inspected before being put back on the shelf. These items will likely perform well and will also provide some peace of mind because they have been inspected.

Thrift stores and flea markets

Sometimes, it is quite easy to get “big ticket” items cheaply. Thrift stores, flea markets and garage sales are good places to find second-hand furniture, home decor and other non-appliance items. Not everyone has the knowledge to assess how well a refrigerator or air conditioner is going to work, but most people can gage the state of furniture and make an educated guess about how long it will last. For this reason, these items are ideal targets for deal seekers at flea markets or second-hand shops.

When should you buy new?

Sometimes, the best option is to buy a new product. Many people are uncomfortable wearing second hand clothing, for example. And, for major appliances such as a refrigerator, air conditioner or oven, getting something new that will be under warranty for a few years could be worth paying a higher price.

If you need to buy a new appliance, you should consider getting an online personal loan to fund the purchase. Applying for these loans is a relatively straightforward process. You will need to supply the lender with a bank statement and pay stub, but they are not likely to require a complete credit check. Online personal loan suppliers are often able to deposit money in a bank account in a matter of hours after the loan has been approved. You can use this money to fund the purchase of your new item and then repay the balance back over time.