Why secondhand products?

[CryptoBuds]

Brand new products are very expensive, making some persons who are not much buoyant to go for them, for instance product like vehicle, greater percentage of those who uses second hand vehicle globally is as a result of financial issue so they buy the one they can afford to. I also know the second hand products are of different categories, while some can still be managed for some reasonable extent, some second hand products will start giving you problems from the initial time you bought them, making you spend more money on them even after purchasing them.

Furthermore, for people who want to build wealth , they don't go for products that are brand new, and very expensive instead they prefer second hand to enable them use the rest of their money to build their financial future, not as if they cannot really afford brand new cars or new products, they see those things as barrier to build wealth, and acheiving their financial goals and objectives.

A rather wealthy man lives in my building, yet he never buys himself expensive items or high-end food. He leads an almost ascetic lifestyle, allowing himself no luxuries whatsoever. Why? It’s possible he’s simply a miser who cherishes every single penny—someone whose greed is so profound that he denies himself any of life’s pleasures.

Incidentally, there have been many such people throughout human history. They possessed great wealth, yet lived in conditions bordering on destitution. Is this some sort of psychological issue? How else could one explain it?

We're not all cut from the same cloth . Everyone has their own tastes and priorities, we do not know what they've been through either.

There are quite a few wealthy people like that in my area too. But as long as they're not bothering anyone or causing problem for others, we shouldn't judge how they choose to live.
Buying secondhand stuff or living frugally doesn't automatically mean  they're stingy or obsessed with money. They just have different priorities  and want to spend their money their own way .

[Shineup]

Brand new products are very expensive, making some persons who are not much buoyant to go for them, for instance product like vehicle, greater percentage of those who uses second hand vehicle globally is as a result of financial issue so they buy the one they can afford to. I also know the second hand products are of different categories, while some can still be managed for some reasonable extent, some second hand products will start giving you problems from the initial time you bought them, making you spend more money on them even after purchasing them.

Furthermore, for people who want to build wealth , they don't go for products that are brand new, and very expensive instead they prefer second hand to enable them use the rest of their money to build their financial future, not as if they cannot really afford brand new cars or new products, they see those things as barrier to build wealth, and acheiving their financial goals and objectives.

A rather wealthy man lives in my building, yet he never buys himself expensive items or high-end food. He leads an almost ascetic lifestyle, allowing himself no luxuries whatsoever. Why? It’s possible he’s simply a miser who cherishes every single penny—someone whose greed is so profound that he denies himself any of life’s pleasures.

Incidentally, there have been many such people throughout human history. They possessed great wealth, yet lived in conditions bordering on destitution. Is this some sort of psychological issue? How else could one explain it?

We're not all cut from the same cloth . Everyone has their own tastes and priorities, we do not know what they've been through either.

There are quite a few wealthy people like that in my area too. But as long as they're not bothering anyone or causing problem for others, we shouldn't judge how they choose to live.
Buying secondhand stuff or living frugally doesn't automatically mean  they're stingy or obsessed with money. They just have different priorities  and want to spend their money their own way .

Most of them that I know are stingy and to them self, they are only scared of what the future can hold and thereby being over protective of the money that they already have, it is their personal life and of course we don't have to judge them especially if they are not bordering others although some do bother others by asking them for money even when they can have more than those they are asking from because they want to protect their own and used from others and that is selfishness. For buying secondhand stuffs, there is nothing wrong with that if the product are still in a good condition, sometimes some products secondhand value are better than some products firsthand value.

[Hamza2424]

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?

Bro, I think I can answer this question without checking the exact facts on Google. Used vehicle sales crush new vehicle sales, and if not by 5x, then at least by 2x. The reason? Well, I think I don't have to give you a reason for this haha. I bought a car a few months ago, and it was stolen, so I bought another one.

I have not purchased a brand-new car yet haha because, in this economy, I can afford 2 to 4 used, low-quality cars that I call Dabba cars, which can also mean box cars haha.

But I can't even afford luxury or mid-level luxury cars. I can afford to buy them, but I can't manage their maintenance and all that depreciation haha.

Many don't understand, but you need good mileage and a safe car, that's it. Not something to sleep in, but comfort is necessary too. So don't just take on high-leverage debt for a car because this will destroy your purchasing power over time.

[BTC FutureKing]

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?

The reason why people are generally interested in second-hand items is that the quality of second-hand items is fairly good and there is some financial savings. However, in my case, I do not like second-hand products because if there is a defect in the second-hand product, then you have to spend extra money to fix that defect.

Second hand items are preferred or liked by those who are not financially stable or want to use the item for some time due to which money is also spent less and you can also live on it.But when you plan to use this item for the rest of your life second hand items are not suitable at all.You are absolutely right that if the owner does not tell you about its defects while buying a second hand item he will want to sell it in some way or the other.But when you buy it its defects come to the fore later and you are forced to invest extra money.Therefore you should think of buying everything new because it also has a guarantee and there is no fear of it getting damaged quickly.

[Cryptoprincess101]

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?

Bro, I think I can answer this question without checking the exact facts on Google. Used vehicle sales crush new vehicle sales, and if not by 5x, then at least by 2x. The reason? Well, I think I don't have to give you a reason for this haha. I bought a car a few months ago, and it was stolen, so I bought another one.

I have not purchased a brand-new car yet haha because, in this economy, I can afford 2 to 4 used, low-quality cars that I call Dabba cars, which can also mean box cars haha.

But I can't even afford luxury or mid-level luxury cars. I can afford to buy them, but I can't manage their maintenance and all that depreciation haha.

Many don't understand, but you need good mileage and a safe car, that's it. Not something to sleep in, but comfort is necessary too. So don't just take on high-leverage debt for a car because this will destroy your purchasing power over time.

I do not agree with you that used vehicles crush new vehicles sale. People still buy new vehicles especially those that wants to use it in the long run, only those who don't have enough money and wants a car they will use for transportation business do patronise second used vehicles. Someone who wants comfort and safety will never buy a used car. It is through that new cars are not sold often as used cars but to be honest with you, it is because of it's affordability but sometimes you can buy used cars and spend a lot of money in the mechanics.

You can afford two or more used cars because you have the idea that buying a brand new car will be costly as much as the maintenance too. If you have enough money you will never choose to buy a fairly used car to brand new. Forget the fact that used cars gets more patronage but if we can tell ourselves the truth, every man loves prestige and wants a car that no one has used but it is because of cutting cost that made many people to consider fairly used cars.

[Joeboy]

Second hand items are preferred or liked by those who are not financially stable or want to use the item for some time due to which money is also spent less and you can also live on it.But when you plan to use this item for the rest of your life second hand items are not suitable at all. You are absolutely right that if the owner does not tell you about its defects while buying a second hand item he will want to sell it in some way or the other.But when you buy it its defects come to the fore later and you are forced to invest extra money.Therefore you should think of buying everything new because it also has a guarantee and there is no fear of it getting damaged quickly.

Before condemning second hand products, it is best to know who were the initial owner or users of that products ..Some folks are very clean and well organized, and they tend to use a product so neatly that you wouldn't even notice a single dent or issue reusing that same product...Infact that product would be almost like new...In situations like this, one would very well be able to save up and still get the same level of value as one would for a brand new version of that product....
It is worth also knowing that in this present economy, most producers are only after profit and they don't mind producing counterfeits products just to satisfy their high cravings for profits...For those of us here in Nigeria that mostly visit the market often, you would be able to confirm that there are some secondhand products that seems to be more durable than the new ones...Infact this durability is why it tends to be sold at a more higher price than even the new products...Some are even durable and still cheap at that. Example-- tyres, clothes etc....And when you go for them, not only have you been able to save some money, but you have also been able to get a long lasting product..

[Grace333]

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?

For a lot of people the actual reason they go for cheaper products is because they cannot afford the one that's brand new especially when it comes to things like vehicles that are very expensive, it's hard for find people buying new cars these days because of the expense and they are only trying to cut down cost, there's nothing wrong in going for what you can afford.

Second hand products always have grade obviously some items are low grade depending on the product and one financial status. The common reason why most people choose second hand product is because they can’t afford buying brand new products, the answer is already known seeing op asked and answered the question.

That's the obvious reason and it is important to do things based on your capacity or comfort zone but the problem with a lot of low grades items are durability. Taking cars for example, a person might buy the one that is fairly used to save cost but end up spending more in the long run to fix damages.

[Agbamoni]

Take the iPhone 17 PM for example. A brand-new one costs $1,190, while one advertised as "99% likenew" goes for $1,100. I don't see any reason to go for the used one in this case. That's way too much to pay for a used phone given the risks.

The used products are mostly cheaper than the new ones on sale. Using the same example that you gave. An iPhone 17 PM, for example, is $1,190; the neatly used one, as they call it, would be $800. Sounds cheap, right? But that's the catch. It's not worth it because the only difference between the two is $400. The new one has everything working perfectly, 100 batter health. But the fairly used one have a 88 battery health, a damaged speaker, and some kind of faulty which in time, will cause the phone to lose value even if they want to resell it.

[Somegory]

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?

Secondhand products are way more affordable, there is no other reasons behind It than this, many people are able to use cars today because of secondhand market, if it never exists way more people won't have a car right now.

Saving more money is a good reason too but the majority of them that I knew all went for secondhand products because of the price, they are affordable for people who makes less amount of money every month.

I will never condemn second hand products, they are very useful and my country is one of the largest consumer of secondhand products too but there are things that I can't get as secondhand, things that are sensitive like smartphones have put people in troubles.

[Borbb]

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?

Majorities of the people always chooses to buy secondhand products usually because of the decrease in price they can use that money of one brand new products to purchase two of the secondhand products, I think another ultimate reason while individuals go for secondhand products is basically the excellent used and condition of that particular product. For instance some brand new cars is equally the same as the secondhand used and as well more cheeper. My opinion using secondhand products can help save up funds for another alternatives.

[DanWalker]

Honestly, some or most times going for secondhand products will help manage someone's budget and some secondhand products are not far from being new only what makes it not new is that you didn't remove the seal by yourself but that doesn't reduce the efficiency of this product in anyway making it a wonderful economic decisions. At times, you don't expect a company to go buy new product because their machine is bad, when maintenance is not guaranteed and there are chances of hiring the same machine to carry on operation, that's what they'll do and by implications that is buying a secondhand products for a particular number of days or so.

You're not entirely wrong, some secondhand products are pretty much as good as new. For example, a item might have been unsealed and then resold because the buyer changed their mind.

But you know what? Those are not much cheaper than a brand new one. You barely save anything, you might lose out on some of the perks of buying new.
With used items that are significantly cheaper, though, the lower price comes with risks of its own, and you never know when those might come back to bite you.

So buying secondhand does not auto mean  you are managing your budget better . It's just a tradeoff, you take on the risk to get a price your wallet can handle.

[Iranus]

Take the iPhone 17 PM for example. A brand-new one costs $1,190, while one advertised as "99% likenew" goes for $1,100. I don't see any reason to go for the used one in this case. That's way too much to pay for a used phone given the risks.

The used products are mostly cheaper than the new ones on sale. Using the same example that you gave. An iPhone 17 PM, for example, is $1,190; the neatly used one, as they call it, would be $800. Sounds cheap, right? But that's the catch. It's not worth it because the only difference between the two is $400. The new one has everything working perfectly, 100 batter health. But the fairly used one have a 88 battery health, a damaged speaker, and some kind of faulty which in time, will cause the phone to lose value even if they want to resell it.

People buying used iPhones often focus on how much they can save upfront and forget about the repair costs that might come later.

A battery replacement can set you back $100, a screen around $350, and the rear camera around $249 ...And with a phone that's over a year old and out of warranty, something can go wrong any time. Just one major repair bill could wipe out most of what you saved by buying used.

Buying second hand  might be cheaper upfront, but that does not mean you will save money in the long run. But a lot of people just don't get this.

[Kelward]

The simple and straight forward answer to why many people buy secondhand products is that they cannot afford the price of the brand new ones, I don't think that somebody will have enough money to buy a brand new product and they will come down to buying a secondhand which somebody else have used and sold or dumped. Another reason why people buy secondhand products is because of a lot of fakes in the market especially if the original product is very scarce or the production has stopped, instead of buying a fake brand new it is better to buy secondhand authentic products. Sometimes it makes economic sense if you're trying to cut cost you can buy a secondhand which is in very good condition and a lot cheaper than a brand new.

[Finebone]

Majorities of the people always chooses to buy secondhand products usually because of the decrease in price they can use that money of one brand new products to purchase two of the secondhand products, I think another ultimate reason while individuals go for secondhand products is basically the excellent used and condition of that particular product. For instance some brand new cars is equally the same as the secondhand used and as well more cheeper. My opinion using secondhand products can help save up funds for another alternatives.

This is one of the major reasons people prefer second hand product, i mean the bold words in your post. They want to spend less and get higher quality that can last for a while.

The current phone and using now is Redmi 14c which I bought at a cheaper price in a shop in my neighborhood in 2024 is a second hand phone, but due to how new and sound it was, if I do not tell you that I bought it as a second hand, you will never know, and it's what i have been using from that time until now, almost two years in my hands and it's still working very well, so in essence of what am trying to say is that, it's because of the fact that some second hand things a very much reliable and way more cheaper than the brand new one's is the main reason people go for it, because people tend to look at the financial cost first before deciding if they should go for a brand new or not.