Finance Blog - Purchasing goods with a high resale value

Sometimes last year, I debated between buying a Tecno and a Samsung S20 ultra, and the main reason I chose the latter was the outrageous resale value. Reselling technology is a common practice in Nigeria, particularly when customers want to utilize flagship phones but are unable to afford to acquire new ones.

People have purchased UK-used electronics over the years because they are typically less expensive and, if one is lucky, may be exceptionally durable. For instance, a 700$ brand-new Samsung may cost 400$ in the UK, with a little drawback, like as a body scratch or a battery replacement, that won't be too severe.

However, the resale market gives consumers the chance to purchase goods they wouldn't often be able to afford in a new edition.

In Nigeria, having the right person who might want to sell what you need is frequently the best way to buy quality and value without spending a lot of money. New things don't always equal value.

Although there are internet marketplaces like Jiji.ng in Nigeria where individuals may sell and buy used and antique things, most good purchases need a combination of luck and a reliable vendor.

I prefer to add value to everything I own, especially if I need to sell it in order to meet a need, so I don't enjoy purchasing used items. Instead, I prefer to purchase items that I can resell.

Recently, I needed money for a school project and my first thought was to sell my Samsung phone to cover some of the costs. However, when I checked the resell value, it was still incredibly high and I could even sell it for more at around 380$ given that it is only a few months old, still neat, free from flaws or cracks, and in good battery health.

The resell value wouldn't be as great if I had purchased a Tecno, as Tecno is not a popular brand in the resell market. People would prefer to get a new Tecno than an older model, but if the Samsung is still functional and free of flaws, they might do so.

In Nigeria, things are like this. I currently own a mid-range Tecno, but its resale value is pitiful. If I had to sell one of my phones to cover expenses or deal with an emergency, though, it would be the Samsung because it has high commodity value and is worth something when resold.

I've been buying a few things lately, and the majority of the time I try to buy things that would last well. We usually refer to these items as "originals," and the reason is that they are long-lasting and have a high resale value. One method I keep money is by doing this. I occasionally make purchases with the hope of selling them later in mind.

Money is hard to come by, so having possessions with resale value can be beneficial, particularly if you're selling something for cash up front or exchanging it for something else. This is a crucial factor to consider when managing one's personal finances.

We never know how much money we can save when we can come up with innovative ways to enjoy more while giving off less, especially when we are in a tight financial situation.

Due to the fact that it is timeless, gold has a resale value as well. Vehicles are not good commodities that preserve value because they are not timeless, which is why buying them is likely to increase in value over time.

This is due to development, complexity, spoiling, and time. When striving to save money, it's crucial to make wise and significant purchases.

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