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Holding on to items you bought because you got caught up in the fact that you can does nothing more than result in clutter. This is true for the cheap second-hand find you picked up because the price was so low, and you thought, “Why not?” It’s also true for the hyper-expensive luxury purchases you got excited that you could buy. For many entering into an era of newfound wealth, buying a luxury car is an absolute must. It’s only after years of having it and not using it do you start to wonder if it was a good decision after all and what exactly you can do with it.
Even luxury items can be bad choices. It doesn’t matter if you can afford to keep it even if you don’t use it. While minimalism isn’t for everyone, there are some practices that should be adopted by all. Stripping back your belongings to what you need, use, and delight in is a great way to enjoy a more meaningful home. It can be hard to let go of expensive items, but by using this guide, you can pick out what to keep and what to sell on.
When a lot of money comes a person’s way, they can start making big purchases without really thinking things through. Say you bought a Ferrari Portofino, but as time goes on, you realize it’s just not something you care about. You may use other cars more frequently or have had a dream of going around stylishly on road trips only to realize you don’t like road trips. Either way, if you aren’t using it or looking at it and are only keeping it because of the high cost, it’s time to sell. Look for places where you can sell used Ferrari Portofino or other models fast, free up your garage, and put that money towards something you’ll actually use and enjoy.
If the luxury item you have needs extensive repairs and you don’t have the time or inclination to have those repairs done, then sell the project on. This is often the case for those who have things like luxury vehicle restoration projects sitting on their property. Anyone can take on restoration projects, so if you don’t have the time, means, or budget to get the job done and it’s been years, it’s time to let the dream go so that someone else can live it out instead.
If you’re in desperate need of money for any reason, selling luxury items is a smart way to free up your assets. In terms of what you sell, try to choose items that depreciate the fastest first. Items like collectibles can actually increase in value as time goes on, and raw materials like gold are always smart to keep in your possession until the last possible moment. Anything with an engine or chipset, on the other hand, can and should be sold.
Many luxury items get old. Massive televisions become outdated as newer, better TVs come into play. The next generation of vehicles comes out. You can’t keep everything, so sell or at least recycle the last model as you buy the new one. This will keep your home streamlined and is also smarter money management – which is essential, no matter how much you make.