It doesn’t often matter who is running the country; it seems like what we buy continues to increase in price. Some big-ticket purchases can be a wise way to stretch your budget and still get what you want.
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You may be able to save hundreds of dollars, or more, in certain circumstances without sacrificing reliability. But that’s not always the case, as you should purchase some big-ticket items new. Here are the top items you should buy used, and when it doesn’t make financial sense.
Items You Should Always Buy Used
Cars
Buying a car is commonly the second most expensive purchase Americans make. The new car smell can be enticing, but it’s often not worth the added cost. You don’t need to purchase a clunker, but a near-new car can save thousands.
The cost difference between a new car and a near new car (three years old) is roughly $17,000, according to Edmunds. Tariffs imposed by President Donald Trump may cause more buyers to consider used vehicles, driving up pricing, according to Kelley Blue Book. Despite that, pricing is better on near-new used autos with minimal reduction in reliability.
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Exercise Equipment
Buying exercise equipment can be a cost-effective alternative to gym memberships. It also provides a level of flexibility as you can exercise on your own time.
Purchasing new equipment can be expensive, though, particularly if the item eventually collects dust. Opting for used can offer good savings. For example, you can purchase a factory-refurbished Peloton for $845 versus new at $1,445, or a 41% reduction, according to The New York Times. Better yet, the publication reports that some manufacturers offer 90-day warranties and free returns.
Large Appliances
It often pays to replace smaller kitchen appliances with new ones, but that’s not always the case with large appliances. A new counter-depth refrigerator can cost upwards of $5,000, according to The New York Times.
Purchasing used can save substantial money. Used appliance stores, for example, can offer savings up to 75% in some cases, according to Consumer Reports.
Designer Handbags
Purchasing a costly Birkin Bag is a status symbol for many. Unfortunately, pricing commonly starts at $10,000, if not more, for a new Birkin handbag.
Some people might balk at shopping for a used designer bag, but savings are possible. It’s possible to net savings of up to 30 to 70%, depending on condition, demand and rarity, according to Luxcross. If the bag looks new, consider pocketing the savings.
Items You Shouldn’t Buy Used
Mattresses
A new mattress can be fairly expensive. It’s fair to expect to pay at least $1,000 for a queen-size mattress and up to $3,000 for a king-size mattress, according to Amerisleep. Buying used does save, but used mattresses can be rife with bedbugs, allergens and more.
Instead, opt for holidays to make a purchase. Retailers use Labor Day, Presidents’ Day, Black Friday and more to sell new mattresses for 10% off, or more, according to Consumer Reports.
Laptops
Laptops can be a pricey necessity for many people. Looking for savings is understandable, but you may pay for it in the long term. You can expect to save several hundred dollars on a used laptop, according to The New York Times.
The savings may compromise the requirements you need for gaming or leave you prone to technical issues with your computer. Shopping around sales to grab savings is a wiser choice.
Safety Equipment
Are you replacing bike helmets, needing a new car seat or some other piece of safety equipment? Buying used provides savings, but you don’t want to pay for those savings by leaving yourself or loved ones at risk.
Car seats, for example, cost up to $800, according to Babylist. Purchasing premium may not be necessary, but it beats used. Buying a used car seat may save you cash, but it may be damaged and not ready to protect your child. Instead, buy a new one on sale to save cash.
Not all secondhand items should be thrown away. Some still have lots of life left with considerable savings. When new is advisable, shop sales to get the most value.
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This article originally appeared on GOBankingRates.com: Big-Ticket Purchases You Should Always Buy Used (and Some You Shouldn’t)
