Sometimes, spending a little extra for quality or style can be worth it, particularly if you know you’re getting good value for your money. However, there are big-ticket items that are simply bad buys, and paying substantial amounts of money just for the sake of status is ludicrous in this economy. Below are seven items that are just not worth the splurge, no matter how enticing they might seem.
- The Latest Model
The latest model car always costs significantly more the previous models. Usually the new models only have minor changes and adjustments, most of which are cosmetic, that don’t truly matter. If you’re thinking of purchasing the most recent model, you might want to think again. Holding out for even six months can dramatically reduce the price on new cars, and the value of any car you buy will depreciate the second you drive it off the lot.
- Pleasure Boats
Nautical vehicles are expensive to buy, house, and maintain. Yet, thousands of people purchase boats every year unaware of how this already hefty purchase will continue to cost them. Calculate the constant expense that owning a boat will cost you before you bring one home. And don't even get us started on timeshares.
- The Newest Electronics
Are you one of those determined souls who wait in line for days just to be the first to own that new gadget? Maybe you should take a moment to think about what this status buy is actually doing to your pocketbook. Electronics depreciate almost immediately after they’re released on the market, so you’re not doing yourself any favors by locking in the absolute worst price possible.
- Trendy Furniture
Trendy furniture can devalue just as quickly as designer clothes, and once it’s passé you’ll be stuck with a really large, outdated centerpiece in your living room. Furniture that comes with a time limit will be difficult to sell and replace in the future. Consider sticking to a classic design instead, and ask yourself if it’s something you will still like in ten years.
- Designer Sunglasses
Unless you’re paying extra for prescription sunglasses, it’s simply not worth the investment to buy designer sunglasses. Sunglass styles change rapidly and often with each new season. Instead of dropping hundreds for a bright, funky pair of sunglasses you saw in a fashion magazine, go buy the discount version. If you do decide to buy designer sunglasses then make sure it is a style that you will like for years to come, but remember how easily glasses can be lost or broken.
- Posh Bedding
Thread count has become a controversial topic among linen-enthusiasts, and for good reason. it just doesn’t signify quality the way it used to. New techniques in thread twisting means you don’t receive the luxurious feel you expect. Instead of splurging on those 1,000 thread count sheets, look for quality Egyptian cotton sheets around 400 thread count.
Next time you’re considering splurging on a big-ticket item, ask yourself if it’s something you really need right now, or if it’s something your ego wants. At the very least, try to be an educated consumer, and don’t let market hype dictate what holds value in your life.