One of the Smartest Ways to Save: Buy Used

Hunting for gold on Marketplace.

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You know, I can’t tell you how impressed I am with the number of people I’m seeing embracing buying used. And as impressed with how good they’re getting at it. They’ve turned it into a bit of a science. As I’ve been putting together the updated version of “The Wealthy Barber,” I’ve been very, very lucky to get looks at several younger people’s, younger couples’ spending summaries — people from say, 20ish to 45ish. Incredible how many of them are using platforms from our digital era to find used, often nearly-new items that are truly fantastic and great prices. Just this morning, one of them reported buying an “absolutely perfect” bed frame for $100 that would’ve retailed for $400.

That’s $300 in savings from just one purchase. $300! How are they finding these items? Facebook Marketplace is probably the number one spot. Kijiji of course, neighborhood groups, et cetera. Through experience, they learn what questions to ask, what pictures to request, et cetera. What types of used items are they most often buying?

Well, furniture’s a big one, especially solid wood pieces, and they’re really nice quality often. Appliances, sometimes and many aren’t very old as the current owner is moving or doing a reno. Kids’ gear like strollers, bikes, clothing — that’s a big one as kids have a tendency to grow. You probably knew that. Sporting goods. Power tools. Fitness equipment. Fitness equipment, for sure. These prudent shoppers are telling me they save thousands of dollars a year.

Come on. And you know what else? Many come to really enjoy the process. They love the whole game. Why don’t more people do this? I’m sure ego plays a bit of a role. “What will people think?” They’ll think smart move, probably. Now, maybe it’s also a bit because of laziness. This certainly does take a little work. But hey, the pay seems quite good.

Oh, and it’s tax-free pay. Look, times are tight, no doubt. The cost of living is very high. I think more of us should consider this. “Dave, are you a hypocrite? Have you actually ever bought used?” Yes! Last year I purchased used wedges from a store in St. Thomas, Ontario. But something must be wrong with them, though.

It must be. They never hit good shots.