Twice a week, our CEO and resident money guru Jean Chatzky tackles your burning questions in the HerMoney newsletter. We’ve pulled some of the best to feature on our website — and this one made the cut! Got a question for Jean? Send it her way right here.
Q: Today’s question comes from Kortnee. She writes: “When it comes to luxury items, like a handbag or watch, what are your thoughts on buying new or used?”
A: This one really boils down to a few factors–your budget, priorities and preferences.
Whether you go the new or used route, there are pros and cons to each. Here are some of the big ones:
Buying new pros: You won’t have to wonder if an item is genuine. Your new item will also be free from any wear and, oftentimes, will come with a warranty. Oh, and we can’t overlook the experience that is shopping for a luxury item.
Buying new cons: Obviously, buying new will cost you more. Plus, just like a new car depreciates as soon as you drive it off the lot, so too will your luxury item once you start wearing/using it.
Buying used pros: Used luxury items can be way, way cheaper. On the used market, you can also find items that are vintage, if that’s something important to you. And, of course, buying used is more environmentally friendly.
Buying used cons: The big one is the risk of buying something that isn’t authentic. If you go this route, make sure you’re buying from a reputable source (one of my personal favorites is The RealReal–they vet every item for authenticity). Of course, there’s also the possibility that a used item will have signs of wear and/or damage and no longer have a warranty.
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