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As I mentioned earlier, we’ve made the decision to purchase a new van. We knew right off the bat that a brand-new vehicle was not in our budget, although we would have liked one. We were able to find a van in our budget at a used car dealership run by friends of my husband’s, and we’re (hopefully) picking it up tonight.
But sometimes the decision to buy new or used is not so clear-cut. Our choice was made for us because of financial circumstance, but in other cases, you might have a decision process to go through.
1. As you weigh the cost of the new item vs. the cost of the used item, are you taking into consideration possible wear and tear on the used item, and what it might cost to fix it? Will your repairs eat up the money you saved by purchasing used?
2. Some items are considered used the minute you take them home. In cases like this, purchasing it already used really is no big deal. What constitutes “used” for this particular item?
3. If the item has had a previous owner, that owner might be able to tell you about any quirks of the item, tricks to make it operate more smoothly, etc. Sometimes that extra information can be very valuable.
4. Is the used item easily accessible, or will you have to hunt it down? Keep in mind that time is money, and if you’re spending days and days trying to locate the used item you would like to buy, you may find it worth your time to simply buy it new and save the trouble.
There are times when purchasing used as opposed to new will save you a great deal of money. The van we chose will save us thousands of dollars over purchasing new, and the repairs should be minimal, as we bought it from a dealership that does mechanical inspections and guarantees their work. But there are times when the used item really isn’t cheaper, may not be quite what you want, or doesn’t come with a warrantee. Only you can decide which avenue is right for you. Of course, I encourage you to choose the one that makes the most sense from a financial standpoint, but to keep your emotional health in mind as well.
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