Advertisement
Smart Buying

Join the Online Bazaar

You'll find it easier to recoop some of your spending by selling online, and you'll scoop up bargains on luxury goods.

Daniel Nissanoff, 40, is author of FutureShop (Penguin Press, $24.95) and co-founder of a company that helps resell luxury goods online. He buys a new cell phone twice a year, funded in part by reselling his "old" one.

You say we're going to be moving stuff in and out of our lives at a pretty good clip. We've grown up as a society of hoarders. But because of eBay, we're recognizing that the things we own -- a piece of furniture, a pair of shoes that hurt our feet but are basically new, a handbag we bought last year but no longer like -- have value that goes well beyond their usefulness to us. We can trade on that. When you buy a car, you know you'll sell it one day. The same thing will happen with golf clubs, skis, a watch, an appliance or a piece of furniture. One day their residual value will be published, just like the books for used cars.

Advertisement - Article continues below

Online shopping is a no-brainer. But online selling seems like a pain. It can be difficult. What's going to tip the scales is the advent of drop-off stores. Some 7,000 have opened in 18 months, from places like AuctionDrop, located in nearly 4,000 UPS stores, to mom-and-pops. You give them stuff, and they do the work. Within days, you're watching your stuff trade online. It's like the early days of the stock market. That market was never available to the average consumer until Merrill Lynch and Charles Schwab came to your neighborhood.

What sells best? Brand-name items that are high-quality and durable. But everything depreciates at its own rate. If you're going to resell tech, you need to move a product while it's still current. You might be able to use a handbag for a year or two and then get back half the value. Giorgio Armani clothing does not do well online, but put Hermegrave;s, Louis Vuitton and Chanel online and you'll have a frenzy. There's a robust market for high-end women's shoes. People wear them a few times, then sell them for hundreds of dollars.

Advertisement
Advertisement

Most Popular

What Trump's Payroll Tax Cut Will Mean for You
Tax Breaks

What Trump's Payroll Tax Cut Will Mean for You

President Trump issued an executive order to suspend the collection of Social Security payroll taxes. How much could it save you?
August 13, 2020
8 Things You Must Know About Retiring to the Carolinas
retirement

8 Things You Must Know About Retiring to the Carolinas

From the mountains to the beaches, North Carolina and South Carolina offer retirees plenty of incentives.
August 14, 2020
7 Surprisingly Valuable Assets for a Happy Retirement
happy retirement

7 Surprisingly Valuable Assets for a Happy Retirement

If you want a long and fulfilling retirement, you need more than money. Here are the most valuable retirement assets to have (besides money), and how …
August 3, 2020

Recommended

Vote by Mail: A State-by-State Guide to Absentee Ballot Voting
Politics

Vote by Mail: A State-by-State Guide to Absentee Ballot Voting

With health authorities recommending people continue to social distance, the idea of voting by mail is becoming an increasingly hot topic.
August 4, 2020
Election 2020: Joe Biden's Tax Plans
taxes

Election 2020: Joe Biden's Tax Plans

With the economy in trouble, tax policy takes on added importance in the 2020 presidential election. So, let's take a look at what Joe Biden has said …
July 22, 2020
Answers to PPP Loan FAQs (Now That There's Fresh Funding for the Loans)
small business loans

Answers to PPP Loan FAQs (Now That There's Fresh Funding for the Loans)

Small business owners are getting another crack at Paycheck Protection Program loans. Here are answers to some frequently asked questions about the lo…
July 21, 2020
Travel Planning in the Time of Coronavirus
Travel

Travel Planning in the Time of Coronavirus

Insurance may not cover canceled vacations, but airlines and hotels may be flexible.
June 11, 2020