In our daily lives, there is a hefty premium that we pay in order to have the ‘status’ of owning new things. That one word, ‘new’, probably costs people millions of dollars every year. There is an economic term called depreciation, which measures the rate at which a given object loses value over time. Well, considering that almost everything we buy loses half its value the moment we take it out of its box, the depreciation rate is through the roof.
 Why do we do it? For status, of course. For that psychological comfort that comes with knowing that we’re the ‘first owner’ of the object. But if you can shrug that off, there is great financial value in buying second-hand. Here is a list of things that you should always consider buying used and not new.
Cars are the ultimate status symbol for many of us. But for those of us who are bemused by Beamers and think nothing of Lamborghinis, who think of a car as a means to get from point A to point B, buying used car makes immense sense. There is often a 30-40% discount if you’re willing to buy even last year’s model. The old adage – that a car drops half of its price the moment you drive out of the showroom – is right on the dot. Also, an older model has had time to gather customer reviews and common complaints, so your research becomes easier. It’s sensible in every way. Your wallet will love you too.
Many people cringe at buying sofas and beds from other people, and if you’re in that group, then maybe this section is not for you. But there is a lot of furniture about the house that we don’t sit or sleep on. Think of writing and dining tables, corner tables, desk drawers, mirrors and so on. All of these are available at a fraction of the new price at second hand outlets. Make use of these discounts, and go ahead and buy them. If someone who visits your house notices a scratch on it, just tell them you caused it. After all, a scratch is a scratch. You’re just as likely to scratch a new piece.
Home decor
When it comes to home decor, almost without exception, less is more, and character is everything. So spend time looking at websites, at thrift stores, and also at private garage sales looking for those objects that fit you and your home, that add character to your spaces, and adds to your living experience. Use these exploration activities as fun times with family. If you can do it with kids and a significant other, they can turn out to be great family times, and the stories will last forever.

Harshit Sinha

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