Anyone who is eager to buy household items every now and then is aware that there are some items that lose or gain value with time. Some things are worth spending your money on because their value will increase with time, while others are not worth considering because they will eventually lose their value. Your home is one of your biggest investments, so it makes sense that you would want to have valuable house items within.
Check out the most common house items that will lose value from the minute you purchase them:
Cars generally lose their value faster than other house items. The depreciation rate, however, varies by how old the car is and the type of model. Generally, a newly purchased car will lose about 20% of its value during the first year and 10% on a yearly basis over the next four years. After five years of purchase, the car will merely be 40% of what you originally paid for it to the dealer. You will have a greater advantage if you buy a used car because the previous owner will have already suffered the initial loss.
Electronics And Computers
There are only a few things that easily become outdated like electronics do. Many electronics, such as mobile phones, computers, laptops, etc., lose their value as soon as you unbox them after purchasing. However, Apple products, such as an iPhones or iPads, still retain some of their value even a few months after purchase. The amount of value lost also depends on the total usage, damage, scratches, and other faults in the items. So, if you keep your phone covered or in a case, you can save some of its value and resell it for a higher price.
The value of toys can vary greatly over time. An average toy loses most of its value the minute you take it home and unpack it. Ideally, toys depreciate real-quick, so be sure to buy something any child will be able to use for a long time. However, there is an exception when it comes to collectibles. For example, action figures, wind-up toys, or model trains appreciate in value with time as long as they remain unboxed.
Sporting And Hunting Equipment
Sporting and hunting equipment tend to lose value immediately after purchase. These items may sometimes appreciate as well, though, depending on their make and model. If your sports or hunting equipment experiences a lot of physical deterioration over time, Items such as rifles, shotguns, and sporting paraphernalia would generally fall under this category.
Don’t even think about spending hundreds and thousands of dollars on designer bags. Handbags have the tendency to quickly depreciate and deteriorate quickly. Even the fanciest brand name will no longer be valuable after a few months, thus, making them a terrible investment option.
Jewelry, such as silver, quickly loses its value after purchase. As with many things, much of their value is entirely fickle or fabricated. However, you can expect to earn some profit after investing in gold, but exorbitantly priced fine jewelry will not be worth what you originally paid for it.
Have you ever tried to trade old video games with any store owner? You might have noticed that they will never agree to pay even close to what you paid while buying those video games. This is because manufacturers are always bringing out new technology, updates, and versions of the existing games, so almost none of the old ones are worth buying or trading.
Let’s check out some facts. Suppose you purchased a brand-new couch for $3,000, and then you come to return it the very next day in exchange for the same amount. Guess what? You won’t be able to sell it for even half that amount! This is because new or old furniture does not hold its value after being purchased, especially if you have used it long enough. It is best to look for furniture items on clearance sales to get the best deal.
How often do you wear your wedding dress after the wedding? Probably never! Even if it is the most special day of your life, buying an overly expensive wedding gown is not worth it. Wedding dress makers play off the emotional sentiments of the buyers, and they know that any potential buyer will be willing to spend big bucks on a white dress, so they charge a hefty premium. So, what’s your best bet here? Set a budget and shop for elegant yet affordable dresses that won’t cause a dent in your savings.
Did you know that books depreciate in value as fast as the speed of lighting? You should never pay the cover price for any new thriller or romance novel. You will never be able to recoup the money you spent on a particular book unless you return it to the store with an original receipt (and that too, only in some cases). Alternately, you can borrow books from the library and save money.
You might have heard people saying that the two best days of your life are when you buy a boat and when you finally sell it to the next person in line. Like cars, boats cannot retain their original value, especially if you purchase a brand-new boat.
Try this: buy a new shirt and leave the tags on. Then, take it to a thrift store and try reselling it. You are in for a rude awakening here: it is not worth anywhere near the price you originally paid for it. Clothes (no matter what type) actually lose their value even when they have not been used or worn.
Attempting to sell some of your consumables is just plain stupid. This is because food and other consumables lose their value after you buy them. Whether it is a shampoo bottle or an anti-aging cream, they will all depreciate and lose their value, especially if they are close to their expiry date.
Some things are worth spending your money on, especially when you have purchased a new home. But you should keep in mind that not everything holds its value forever. There are those certain items that instantly decrease in value and no longer have any worth.