As much as we want to be extra careful when it comes to spending our hard-earned money, the reality is that people tend to shell out on things they need and things they don’t but they actually want.
Some of the things we need to sustain our lives like food, water and experiences will leave us with nothing but good memories. Non-consumable things, on the other hand, can last a bit longer.
Unless we want to hold onto these possessions for the rest of our lives, reselling items that we no longer use can be an excellent way to earn some extra cash without putting too much effort.
Have you ever watched those reality shows that focus on turning grandma’s trash into treasure? If you start investing in lucrative items today, imagine how much money you can make from your “vintage” collectibles.
The theory of reselling old items shows that some things are worth splurging on as they will appreciate their value over time. But, some items once bought may start depreciating almost right away. Those are the things that give you less than what you paid for them — that’s what we call depreciation.
If you are looking into opening a yard sale in the future, hoping one of your old painting collections can fund the kids education someday, it is important to know which items are considered value-loss offenders. This way gives you an idea on which items to skimp on.
From cars to mobile phones, here are the most common items that lose their value once bought.
Brand New Cars
Unless these are vintage luxury collectibles, brand new cars lose a big chunk of their value once you drive them off the display centre. Take note that the depreciation doesn’t stop there. In five years, the value of a brand new car will nose down to a whopping 63% less than what you paid for it. Perhaps depreciation in cars over time is one of the reasons why it’s smart to consider investing in used cars instead of brand new ones.
Wedding Gowns and Clothes
Let’s be honest. Are you going to pay a good price for something that’s already worn? No matter how you barely wear those clothes or maintain that expensive wedding dress you never get a chance to outwear, you’re still going to sell them for half or maybe less than half of the original price.
Computers and Mobile Phones
Electronic gadgets are great examples of things that rapidly depreciate the minute you unbox them. If there’s one thing to blame for this, it’s the fast-changing world. Consumers anticipate a whole new fix of smartphone models to come out every year, exceptions may depend on the manufacturer’s timetable.
That said, the great demand for newfangled gadgets diminishes the consumer’s interest in paying a good price for old-school electronic devices. While it’s possible to sell your old laptops and smartphones in a yard sale, you cannot expect to get the full original value for each of them.
It is a huge mistake to splurge on pieces of furniture because once you’ve sat on that sofa, you’ll never get the same original price the next day you resell it. There is no escaping the truth that furniture does not hold its value for a long time.
It’s not surprising to know how books plunge their value in just a short amount of time. Yes, you can earn some easy cash from selling your old books, but it’s not like you’re going to make tons of money unless you have great deals of books to resell. Instead of purchasing expensive books that you’ll no longer use afterwards, you can save a lot of money by borrowing from the library.