Why secondhand products?

[henmark]

On the individual level deprecation accounting does not exist.

The secondhand market exists and is growing because disposable income is shrinking. Inflation of basic goods is through the roof all around the world. Wars and blockades on oil certainly don't help. Oil is still used for everything. Energy to transport and manufacturing.

In some countries people can still afford new for 99% of the cases but some choose not to for environmental reasons. Go to Berlin for example, a thrift store's clothes can even be more expensive than buying entirely new chinese/Vietnamese factory clothes. But people think it helps the environment to not support new production and fast fashion.

In the end this is good for competition actually because some supplier known for pushing ridiculous prices to retail get pressured by competition and consumer preferences to make better deals for the consumer.

As it used cars, did you see how long delivery times of new models have been? Rsther than paying $25k for a new model I pay $10k for a fully repaired 5 year model with the same features and get it delivered same day. Why even waste the extra 15k in these hard times?

While that is true, the economy does play a big part in why secondhand products are getting a bigger market cap; we also have to remember that the quality of products plays a big role in this as well. You are not buying a shirt that would be gone in 10 washes, right? If that were the case, nobody would buy a second-hand product.

What you are buying is a quality product, whatever it is, that can last for another 10 years, for example. Even some big celebrities are driving some old cars. A car from 2006 may not look great to you, so in 2016, if you bought a car that was already 10 years old by then, but drove it for another 10 years and did not have a problem, why would you "need" a brand new 2026 one? So, as you can see, the quality of products plays a big role. 100 years ago, you did not have stuff that you could buy and use for 20 years, but today you could have that.

[Stable090]

People in different places usually choose secondhand products instead of new ones. Tailoring it down to vehicle, between secondhand vehicles and new vehicles which one is mostly purchased yearly?

People are always going for secondhand items because they are not financially Buoyant, I don’t think anyone will be financially stable, and they will go for secondhand items. I don’t know about other countries, am going to use what’s happening in my country as an example.

Secondhand vehicles are more purchased in my country try, because prices of cars are so expensive in my country, and only the wealthy people are able to purchase a new one. Even the used car that are imported into my country are expensive, and you going to be spending a big amount of money before you will be able to purchase some of them.

The don’t manufacture cars in my country, and you going to pay some money to ship cars into the country, also you going to pay custom duties at port which is the reason why even used cars are expensive to purchase here.

[Findingnemo]

People in different places usually choose secondhand products instead of new ones. Tailoring it down to vehicle, between secondhand vehicles and new vehicles which one is mostly purchased yearly? Saving some money upfront can be a reason but aside that, what is the actually reason or financial logic, depreciation math or what?

When it comes to vehicles usage in my country, the vast majority of the people are using secondhand vehicles. This is because of how costly one can get to buy a new one. The taxes and all that makes car very expensive when it gets to my country. Without those huge taxes on cars, many elites would be an able to buy new cars but they also opt in for second hand cars because of how costly it is to get a new one. The reason for secondhand products over a new one is due to lack of finances to get a new one. And I think this is the same for all countries that the people opt in for second hand products more.

Might be an off topic reply to the context of OP but to reply here these so called elites mean they can afford anything in your country that is when they should be called an elite if I am not wrong and probably they are the reasons why the taxes on cars are so high in some countries because they don't want everyone to drive around in a car so they keep the circle limited as possible.

[Berry2d]

People in different places usually choose secondhand products instead of new ones. Tailoring it down to vehicle, between secondhand vehicles and new vehicles which one is mostly purchased yearly? Saving some money upfront can be a reason but aside that, what is the actually reason or financial logic, depreciation math or what?

Some don't want to pay the full price because, as a financial decision, buying a brand new vehicle is one of the worst decision, the value of the product depreciates like 40% in just a year. So they are okay with compromising on some factors and paying half the price.

There can be other reasons but mostly the price and affordability made the second-hand market to exists.

The idea of value depreciation is a perfect one but should not be considered the top but affordability and financial constraints should be the top reasons for such decisions in most cases.
Over 60 percent of citizens in the world falls within the average rate when we talk about financial strength,  so engaging in what will consume the little available because of uncontrollable inflation is the worst mistake many try avoiding now.
With the current economic difficulties and challenges,  I think the consideration of going for a second hand vehicle is the best option instead of choosing an installment plans that keeps running till it have been covered. Many that goes for the new once especially the average citizens usually ends in applying for an installmental plans which i think is not the best option when the little we have can afford a neatly used secondhand once.

Buying a used product is not the best under all circumstances, only under the ideal conditions. And to me I will never buy an used car because I don't want to risk it, used means something might have been broken or at the verge of becoming a major repair work and it should be fine to drive for atleast 4 years from the date I purchase and also the maintenance will be a lot less when we buy a brand new. I will take the risk of going for brand new and if things goes wrong then I just sell it to pay the remaining amount.

I am not of the opinion that secondhand vehicles are the best but just considering it because of affordability. With the unbalanced economy and constant inflation, the only way forward for the average citizens is secondhand vehicles.
Talking about maintenance and other related properties,  it will be more profitable going for the new ones as many secondhand vehicles have lost there potentials and can easily turn to once sources of problem but in other to keep up  and meet up to settling unpreventable circumstances, citizens are faced with know option than to go with what they can afford which is the secondhand vehicles.

[Franklyn-wood]

The main reason I think  people often go for second hand products instead of the new ones is because of the cost. New vehicle are usually more expensive , when compared to secondhand vehicles, so people prefer to go for what they can afford. Another reason is that new vehicles can lose their value as a result of depreciation, so going for secondhand will definitely save cost.
Moreover, most of the second hand vehicles are still sound and can still function as the new vehicles provided the person buying it take time to inspect the vehicle before paying.

Buying products that have second hand value is good if found in good condition moreover it is beloved that such items where produced at the best standard for the countries that used them, also the environment where this items where used are very clean and properly managed that makes there life span longer that the usual new products we have around us here, within some time one will start repairing it because of the standard of the product. They are also cheap compared to the new.

[Die_empty]

Buying products that have second hand value is good if found in good condition moreover it is beloved that such items where produced at the best standard for the countries that used them, also the environment where this items where used are very clean and properly managed that makes there life span longer that the usual new products we have around us here, within some time one will start repairing it because of the standard of the product. They are also cheap compared to the new.

Industrialized countries like China produce goods that would be exported based on specifications and the country's standards. I think China exports high-quality products to developed nations. While poor nations get the lowest quality from China. I don't blame China for that since these low-quality goods are more affordable.

In my country second material that are imported from developed nations are stronger and better than new products manufactured specifically for my country. This is why some people prefer second-hand products from more advanced nations because the quality is higher than what is available in some countries. An example is fairly used clothes and shoes. Most second-hand shoes imported for countries like the US and the UK have better quakity that the new ones imported for my country.

[bhadz]

People in different places usually choose secondhand products instead of new ones. Tailoring it down to vehicle, between secondhand vehicles and new vehicles which one is mostly purchased yearly? Saving some money upfront can be a reason but aside that, what is the actually reason or financial logic, depreciation math or what?

It's not rocket science why people choose to purchase second hand products. For example with cars, in my country there are a lot of repossessed cars from the banks and those who took them brand new out of the dealership can no longer pay the monthly amortization. So those cars from auto loans are taken by the banks and they're selling it cheaper just to break even or still get some little profits from it. Not all of them have been used for so long and the mileage isn't that much so, it's all about saving money and you just have a secondhand in paper but as long as you get it almost brand new, it's not a big thing to think of.

[SUPERSAIAN]

For some products, the price difference is significant, which is why people prefer buying second-hand items the price is usually the main draw. If the item is still in excellent condition and comes with the original receipt and other documentation buying it second hand is often a better choice than buying it brand new.

While the situation differs for electronics and automobiles, purchasing second-hand can be more advantageous for other types of products. However, in the case of electronics and vehicles, the price gap between new and used items is sometimes minimal; in such instances, one might simply decide to buy a brand-new one instead.

[o48o]

People in different places usually choose secondhand products instead of new ones. Tailoring it down to vehicle, between secondhand vehicles and new vehicles which one is mostly purchased yearly? Saving some money upfront can be a reason but aside that, what is the actually reason or financial logic, depreciation math or what?

Most of the stuff i need, i am buying second hand, because why wouldn't i? If i can get same quality stuff fraction of the cost, i can't see any reason why i should pay more and buy them new. It just seems like waste not to recycle products.

Things that i am not buying second hand are usually something that needs to be hygienic. And when i want to ensure that they have long life span. For example i wouldn't buy used graphic cards, because i wouldn't know if they have been used for mining therefore end of their road already.

Imho, better question would be why you would want to buy something new? Especially in this throwaway culture where we are drowning in stuff and trash.

[uneng]

Let me tell why second hand vehicles are a good deal. There are people who buy a brand new car, but don't use it often and want to get rid of it, and since there are yearly taxes (quite expensive ones) involved, the sooner they sell the vehicle, the better, otherwise they will be accumulating debt on their name. So, there is a tendency they sell it for a worthy price for the buyer, as they want to encourage buyers to acquire it fast.

Personally, I'm not an enthusiast of that, though. I prefer buying brand new products. The smell is different, every components are 100%, and you have guarantees ensured by the company in case something goes wrong.

[tabas]

Saving some money upfront can be a reason but aside that, what is the actually reason or financial logic, depreciation math or what?

People are simply being practical, no other reason beyond that. As long as it works and it's cheap, that's what people still have got in mind. I have that mindset for so long until I've realized that I'd go with the brand new for most stuff because that's what I've worked for. First hand, first use, brand new owner. Maintaining the quality and the usage of it, I have no idea for those secondhand products and how they have been used. Looks can be deceiving for these products, they might look good as new but internally, you never know how much they have been used and abused.

[Odogwu-Blockchain]

People in different places usually choose secondhand products instead of new ones. Tailoring it down to vehicle, between secondhand vehicles and new vehicles which one is mostly purchased yearly? Saving some money upfront can be a reason but aside that, what is the actually reason or financial logic, depreciation math or what?

In many industries, distributors tends to buy more used machineries more than new because of the price. The cost of having new machines are costly while investor many need more than one.

If I am needing a machine, I personally will prefer to go for new machine for smart uses, I hate to and can't love it to use what had been used before.

[#CapsLOck]

The total cost of ownership is one key element. Rather than the price of the equipment. A used car can have already suffered the greatest depreciations. So the next buyer can obtain the same or comparable features for a reduced price. Repairs. Fuel economy and maintenance may diminish these savings. However. The wisest option is not whether the car is new or used. It's based on the car's condition. Service history and running costs.

[Obulis]

Why are you asking us to surmise the different buying decisions that motivate billions of people like there is a simple answer? You've already described the main reasons and it can vary wildly between countries. The primary reason that people buy second hand is that they cannot afford to buy brand new or there is not enough incentive to have a new product. Many people are comfortable with buying a second hand phone or car, if it has been kept in decent condition then there is often little difference. Some people just like the "prestige" of being the first owner and are willing to pay more for that. It's said that a car will lose 20%+ of its value as soon as you drive it away. There are also other factors like government subsidies or tax perks which mean people may not end up paying full price, but those tend to be for very narrow reasons. In general though it's far too big a question to get any meaningful answer with all the variants.

Variant answers indeed, and it varies widely between countries. Like in some countries today, more than or up to 80 phones out of 100 that you will find in some particular regions are secondhand phones and this makes dealing on secondhand phones a major market and this is basically because of affordability. Some governments are in serious support of secondhand products while some governments have restrictions on secondhand products, by that, government policies can also be a catapult to the purchase of secondhand products.
As for secondhand cars, it's a multi trillion dollar industry and a global brand.

[Pi-network314159]

People in different places usually choose secondhand products instead of new ones. Tailoring it down to vehicle, between secondhand vehicles and new vehicles which one is mostly purchased yearly? Saving some money upfront can be a reason but aside that, what is the actually reason or financial logic, depreciation math or what?

Well to me the reason why people chose secondhand product over new ones is because they can't afford to buy new ones but go for what they can afford, in other way round, many chose the seconhanded thing over new one even when they have the money to buy or afford the new one. They believe that buying new thing is waste of money when they can buy it cheaper. But the risk in buying seconhanded property is high. I was once addicted to buying fairly used item because I thought it was cheap and it made me not to see the important of new product. Not that I dont have the money but I just like it because I love cheap things , the reason I started buying new thinga is because couple of time s I bought secondhand property, I spent money repairing them to the extent that the money spent was enough to afford new one, then I began to see reason why people sell their products to others just to be free from their problem.

In summary people like to buy secondhand product because they can't afford new ones, but repeatedly doing it will make them addicted to it, to the extent that when they have the money to buy new ones they no longer have the impression to buy it. While some may probably like it because most fairly used product are more better and stronger than new ones.

[fighter2627]

People in different places usually choose secondhand products instead of new ones. Tailoring it down to vehicle, between secondhand vehicles and new vehicles which one is mostly purchased yearly? Saving some money upfront can be a reason but aside that, what is the actually reason or financial logic, depreciation math or what?

What secondhand products are you talking about op? You didn't specify what it is, due to secondhand depends on what type of products you're talking about, edibles, real estate, vehicles, and more.

In our country, most people are fond of secondhand products, from apparels, vehicles, foreclosed housing loans, devices or gadgets, these are just a few of the things people here
are fond of due to they can't afford to buy brand new ones due to the poverty of life here.

[DanWalker]

If I am needing a machine, I personally will prefer to go for new machine for smart uses, I hate to and can't love it to use what had been used before.

Let's be honest, nobody's gonna pick used over brand-new if they can afford a new one. Everyone wants something still sealed, to open the box themselves and be the first to use it. Who wouldn't , right?
But new stuff can be pretty expensive, and not everyone can afford it .

Buying  secondhand is just a way to get what you want within your budget. Doesn't mean you prefer used stuff over new.

[Dareo]

The total cost of ownership is one key element. Rather than the price of the equipment. A used car can have already suffered the greatest depreciations. So the next buyer can obtain the same or comparable features for a reduced price. Repairs. Fuel economy and maintenance may diminish these savings. However. The wisest option is not whether the car is new or used. It's based on the car's condition. Service history and running costs.

The biggest problem when buying a used car in our country is that it is quite difficult to find out whether the actual servicing history or meter tampering has been done. Many people buy a second hand car in the hope of good features at a low price but later it turns out that they have to run to the garage every month and spend more than the money they saved on replacing spare parts.  So I think if you have a reasonable budget and do not have a very good mechanical idea about cars, it is better to buy a new car, even if it has a few fewer features, at least for the first few years you can be free from the worries of engine work or sudden car breakdown on the road.

[Webutxo]

People in different places usually choose secondhand products instead of new ones. Tailoring it down to vehicle, between secondhand vehicles and new vehicles which one is mostly purchased yearly? Saving some money upfront can be a reason but aside that, what is the actually reason or financial logic, depreciation math or what?

You think that if people have the means to buy new products, they will preferred a product that has been used by another? I don't think so. Check the countries where the second hand product are delivered, it's almost the African countries. In other countries, people buy cars on loan and pay for long periods of time but here in Africa, that system does not exist, this is why people prefer to buy second hand car to be ship to their country to be use as they want.

Some people prefer to buy second hand cloths than buying fiber cloths that are substandard. They be like instead of buying of buying substandard product that is fake, they would rather buy a second hand original cloth that will last end very quality. Instead of buying a fake product that is new and will not last a year in your country, it's better to buy the original second that will last for years and peace of mind.

[DPHOR]

People in different places usually choose secondhand products instead of new ones. Tailoring it down to vehicle, between secondhand vehicles and new vehicles which one is mostly purchased yearly? Saving some money upfront can be a reason but aside that, what is the actually reason or financial logic, depreciation math or what?

As a matter of fact, there is no one who doesn't like new property or products at their ends.
The is reason why many people do love using fairly used products is because of the purchasing price, the purchasing price are somewhat expensive therefore, they may something that is a bit lower than their budget to work with.
In normal circumstance, if there were to be money you would see everyone going for new products or new cars but due to the cost of shipping it or the cost of buying brand new one could cost them more higher than expected that is the reason why many people loves going into purchasing fairly used products out there. But one thing you must note is that, there are countries that doesn't love their people to use a fairly used products whereby, they may purchase it and gradually pays it through their earning and their salaries from work place. For instance; country like US, UK, Canada. You can have access to new products but it is on your credit, meaning as you are working they would gradually deduct it from your salaries at every end of the month.