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Saving Money: Things You Should Never Buy New

I love to save money! It just feels good. Saving money and helping the environment? I like that even better! Of course this won't be true in every situation, but check out the items below that can help you save money and do some good for our planet by buying used instead of new.

  1. A House: Buying a home is typically the largest purchase a person will make in their lifetime. And while there are a lot of appealing factors to buying a new home, typically new homes will cost significantly more than a pre-owned home - up to 20 percent more! It's always best to check the comps and weigh all the pros and cons of a new versus pre-owned home such as price, size, location, lot size, and more.

  2. A Car: Owning a new car can be so fun. The new car smell, everything shiny and perfect. Unfortunately, new cars depreciate super quickly within the first year - on average 20-30 percent. If you purchase a new car for say $40,000, it could depreciate by between $8,000 and $12,000 in just the first year. Ouch! Buying a newer model pre-owned car can give you the car you're looking for at a better price. Plus, newer model cars often come with decent warranties as well!

  3. Jewelry: Jewelry is expensive! And new jewelry has a huge mark-up. Consider shopping at consignment shops, pawn shops or even sites like eBay. Just always remember to do your homework to make sure the item is genuine.

  4. Electronics: Electronics can depreciate even faster than homes, cars and jewelry! Phones, for example, can depreciate by between 38-76 percent in the first year. There are sites where you can purchase refurbished phones and other electronics at a great value - and often with a decent warranty to boot!

  5. Musical Instruments: Buying musical instruments used from places such as thrift shops, pawn shops, Facebook Marketplace, Nextdoor and more can save you a bundle. Buying a used instrument can make even more sense especially if you or your child are just starting to learn how to play the instrument. This way you don't shell out a large sum of money and end up not using the instrument if it doesn't work out.


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