Thursday, February 2, 2017

Pre-Owned vs. Brand-New

I've been thinking about today's topic for quite some time but never found the time to finish my thoughts. I often get asked if it's worth buying a pre-owned handbag? I am here today to share my thoughts. First of all, I want to emphasize that there is nothing wrong with buying pre-loved handbags. My handbag collection is a mix of both (my Hermes Kelly is pre-owned and my Chanel boy bag is brand-new). Collecting luxury handbags is a very expensive hobby so I am all for saving when possible. However, not all handbags are worth buying used. Before deciding on a bag, I always ask myself 5 questions below if I want to purchase the bag brand new or go the pre-loved route.


Question # 1: The brand - Does the brand ever go on sale? Generally speaking, brands like Prada, Givenchy, Chloe, Valentino or even Fendi will occasionally go on sale. I caught a few sales here and here (the discounts were pretty decent). They may not have exactly what you're looking for but they do go on sale. If the brand participates in a sale, I'd rather wait and buy the bag brand new. Chances are, you probably will pay less for a brand new discounted bag (i.e. Chloe Nano Drew bag :: brand new :: on sale for $446 vs. pre-owed for $925)

Question # 2: Popularity -  How popular is the bag? Take the Gucci Soho Disco bag as an example. Gucci bags never go on sale. Does that mean getting a used bag is a wise choice? Not necessarily. Since it's one of the most popular bags at the moment, the amount you save isn't significant (i.e: Gucci Soho Disco :: in used condition for $895 vs. brand-new condition for $995). I would rather spend another $100 and purchase a brand new bag. That takes me to the next question...

Question # 3: The savings amount - How much will I save? As a general rule of thumb, the asking price has to be at least 25% less than the retail price in order for me to consider getting a used bag (i.e: I would have to save at least $500 on a $2000 bag). The savings amount of course depends on other criteria such as condition, popularity and availability

Question #4: AvailabilityIs the bag I am looking for widely available? My Hermes Kelly is the perfect example. To obtain a Birkin or a Kelly, I've heard you have to spend over $10K per year to establish/maintain a relationship with a SA. I am sorry but I don't have that kind of money to spend on random things BEFORE spending more money on a bag. To me, going to pre-owned route is the perfect solution. There are enough pre-owned Birkin and Kelly bags out there that you can pick and choose what really makes your heart sing. Please keep in mind, you could be paying more for a used Hermes Kelly or Birkin than what they cost from a boutique (that's a whole different topic)

Question #5: Do your research - A pre-owned bag does not always come with a cheaper price tag. It's not unusual for consignment stores to jack up their prices. Once you've done your research, it's now up to you if it's worth the hefty price tag.

There you have it. I hope you find this post helpful. If you have a handbag-related topic in mind and would like me to talk about, let me know in the comment section below. Have a wonderful weekend!

1 comment:

Dash of Fash and Finance said...

Hi Sydney! Great tips! Thanks for sharing on this topic! Have a blessed weekend