Time to Buy?
How do you know it’s time to actually replace something old with something new? Can you justify the purchase of something expensive like a car or a major appliance just because the old one is no longer aesthetically pleasing, or should you run everything you own into the ground before you actually consider paying for a replacement?
If you are in the midst of trying to pay off debt and build up a decent savings account, then the answer is easy. You should hold on to things as long as they are functioning. Your car may have long ago lost the new-car smell, but if it gets you from point A to point B without big hassles then you should hold on to it especially if it is paid off. Your fridge may not have an automatic ice maker, but if it still keeps everything cold then just buy ice trays.
In other words, why replace something that functions?
It’s another situation if you’re not really dealing with too much debt and you already have a respectable emergency fund built up. This is when you may feel as though replacing a functioning item for something that is a little more pleasing to the eye is not such a bad idea. Yes, you want to feel good about the car you drive. You want to be pleased by the appliances you have in your kitchen. When does replacing something that still works become okay?
Ask yourself a few questions:
- Can you afford the new purchase?
- Will the new item have features the older one didn’t have?
- Will it make you happy?
While nobody makes the claim that happiness lies in a new car or a new washing machine, you can certainly be happy about a purchase…especially if the features far surpass the features on the previous item.
If you’re in the process of getting your finances in order then this is not the time to jump into a large purchase if you already have something that works fine. On the other hand, if you are comfortable with your finances and you want to replace something that still functions, do so only if you can afford it and it will perform better.
If you are going to buy something new, be sure to consider donating the old item to a charitable organization.
June 1st, 2008 at 11:48 pm
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