What Not to Buy New

The path you choose can save or cost you

It doesn't make financial sense to buy certain things new. From cars to timeshares to DVDs, certain items drastically fall in value immediately after buying them. No sense wasting money when you can save thousands of dollars buying something used instead. Here we review eight items you shouldn't buy new.

We've all heard it before: cars depreciate the second you drive them off the lot. Unfortunately, that's not an old wives tale. Edmunds.com reveals new cars lose 12 percent of their value the second you drive away. And that's right after you've financed the full sales price! You can literally save thousands of dollars if you buy a gently used car instead.

Timeshares aren't for everybody but if you've decided you'd like one, your best bet is to buy it as a resale. You can save upwards of 65 percent according to TimeSharesUSAResales.com.

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Buying a puppy from a breeder will cost at least $600 in addition to vet bills. And that number only goes up for more specialized breeds. Instead, adopt a previously owned puppy or dog from your local shelter. The total cost will be less than $200 and you'll be saving an animal in the process!

It's not uncommon for fine jewelry stores to mark up their merchandise 100 percent. Instead of paying almost double for a new ring or necklace, browse your local pawn or antique shop. You can find amazing deals on gorgeous pieces of jewelry. Just make sure the store has a good reputation and has been in business for a while.

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DVDs and Blu-Ray
Why spend $20 on a brand new DVD when you can wait a month and save 50 percent or more by buying it used? Check out sites like Half.com and Amazon.com for huge deals on movies and books.

Sports equipment
Skis and tennis rackets aren't cheap. So don't spend $200 to $300 on new gear when you can buy it slightly used on Craigslist.com for a lot less. PlayItAgainSports.com buys, sells, and trades used sports gear-so if you were going to pursue tennis but now want to try golf, definitely stop by there for a trade.

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Office furniture
Many start-up companies fail in the first few years-and most had stocked up on fancy new furniture. Check out Craigslist.com and the local classifieds before spending a dime on a new desk or chair. Chances are, you'll be able to get top-of-the-line stuff at Ikea prices.

Video games
Just like DVDs, once a video game has been used, it drastically drops in price. Visit your local Gamestop for a huge selection of used games-and save about 50 percent per game. The same is true for consoles: A Wii, Xbox, or PS3 costs half as much used.

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  • Bad financial habits to ditch in 2013
    Bad financial habits to ditch in 2013

    Don’t let these bad financial habits keep you from your long-term spending goals. Identify your weaknesses and start remedying them. …