There are some instances when you can both purchase something new and end up saving on costs. Smart businesses look beyond the initial price of something to the Total Cost of Ownership (TCO). For example, if you buy a car, you have to pay for gas, insurance, and maintenance. How much will a particular car cost you over the total amount of time you own it?
Furnaces, water heaters, major appliances, and even your front lawn have recurring expenses. If you're looking into a new purchase, you have to take these into consideration or you may get burnt. Don't think cheap today.
If you've taken the TCO into account in your purchase, you'll be as thrilled as I am every time I do the laundry with my new washer. My old one was nearly ten years old and consumed, without exaggeration, 12 times the energy. Even though the price tag was higher than those of other washers, the difference will be recovered several times over. Plus, the washer is better than the cheaper models.
Even mundane items like bathroom lights can be considered. There was a beautiful vanity light that was even cheaper than the others, but it used halogen lights that consumed 200 W. I’d be paying $40/year just to operate these lights.
Look into how much you’ll have to pay for something in the future. You’ll end up thinking more strategically and accruing much more wealth.
