Best Advice I Can Give -- Blogger Edition, Part 6

Here's part 6 of the series from top personal finance bloggers offering their single-best piece of advice.  Today, we'll hear from mbhunter at Mighty Bargain Hunter:

"The best advice I can give deals with purchasing habits. For most purchases, especially big ones, it almost always pays nicely to consider buying quality used over buying brand new.  The reason: Consumer items depreciate the fastest right after they're bought new.  New cars, for example, depreciate thousands of dollars the moment they're driven off the lot -- poof!  Gone!  So why not have someone else -- the original owner -- pay the premium price, and buy it used from them?  No reason, really, just as long as you've researched your purchase to make sure you're buying quality and as long as you've factored in any extra maintenance costs. This advice, if applied consistently for both big and small purchases, can keep thousands of dollars, or more, in your pocket every year."

Good tip.  I usually buy new (and hold forever) since I don't want to deal with the time hassles of maintenance (which are as big a "cost" as the financial costs) and because I don't have the expertise to judge the quality of a used car. But if you have expertise at being able to judge quality used versus just used, this is a good strategy.

Click here to read part 7.

Comments

[Barry]

I'm no expert on cars but I usually buy used. I use a business called "Car Checkers of America". For $100, they'll come to the car dealer and inspect the car for you. I bought my last car 8 years ago with 138,000 miles and it's still running well; I'll reach 250,000 soon!

[Ellen Weber]

Thanks for this post and a good reminder to buy quality used. The key here is quality and I was wondering what you thought were the criteria one should take with you for a used purchanse?

Brain Based Business

[FMF]

Ellen --

Quality is often in the eye of the beholder, which makes it difficult to define. But I usually rely on Consumer reports to help me determine what's a great, "quality" buy.