Photo from intotheminds.com/blog/en/second-hand-luxury-market-statistics-analysis
A question that I have been exploring lately that I wanted to propose to you all. Do you consider second hand luxury, luxurious still?
Once someone has already owned or worn or driven that thing, does it still have that same exclusive taste and feel to you?
I have been working on a project about watches sold on the second hand market and I think I have come to the conclusion that some things can be lauded or held in reverence, but even for watches and jewelry, I would only consider an item luxurious if I was the original buyer.
Take a Rolex for example. The Daytona (~$400,000K)is just one of the many a types of watches made by Rolex BUT there are a special few Daytonas that were owned or made for someone special and that elevates the price of the watch on the second hand market immensely. Even then, I would not consider that watch a luxurious because it was not originally bought or made for me. I completely understand that it is rare and that how much value that rarity adds to the price but I still wouldn’t consider it a luxury for myself. NOW, that is not to say that I don’t want it but then I would consider it an art piece or a collectors item – a thing that I own.
During the pandemic all I was doing was working and sitting at home, so my bank account was going up in the best way. So, one day I decided to go purse shopping and scoured a bunch of websites for the type of bag that I wanted. When I finally decided on a few brands, I checked out their current prices on their websites and then I went and checked sites that specialized in reselling luxury goods like StockX and The RealReal to check out the purses prices on their and their buying and reselling value. Once on the sites I saw that I could save anywhere from $50-$1000 on some of the bags that I liked and for a split second I considered picking up my bag from one of them. Then I looked at the condition of some of the bags. Some were missing boxes, others cases, others the wallets they came with, or even their authenticity papers…
I couldn’t do it. I couldn’t justify, in my mind a purchase of that magnitude for a bag that had been obliterated in some cases. Not only was the possible resale value gone bur I just felt like I was getting someone else’s leftovers. So, in the end, I closed all of those tabs and decided that I would but my own bag and buy it new.
My list of luxury things I would buy second hand is pretty long: top, bottoms, outer wear, cars, and houses. I feel like that’s standard but also know that I am very picky about what things I look like when I buy them first hand. So, honestly second hand buys for me are pretty rare.
What about you? Do you purchase things second hand or at consignment shops? What makes a purchase for you?