“Hanging onto a bad buy will not redeem the purchase.”
By Susan Caba
I’m running late today, but I don’t want to break my streak of daily posting so I’m going to keep this short and simple.
I had two reactions when I came across Terence Conran’s quote about not being able to redeem a “bad buy” by holding on to it. The first was a chuckle of recognition at the truth his words contained.
The second was an image that flashed in my brain, of a bronze Ann Klein leather jacket I purchased at a resale shop for $100. The jacket still bore its original price tag, $950, from an upscale department store. The resale shop had marked it down to $200, but jackets that day were reduced by 50 percent. Bronze is a good color for me. The jacket fit. I bought it.
Depending on how you look at it, I saved either $100 or $850. What a great buy, right?
On reassessing the purchase, I recognized a problem. When I put the jacket on, I look like an armchair upholstered in bronze “pleather.” I’ve had it a year. I’ve never worn it, or even clipped off the price tags. Obviously, not a a good purchase!
Yet, it still hung in my closet. How could I take it to Goodwill, or even re-donate it to the resale shop, when I’d never realized the value of wearing it?
The truth is, I’m never going to wear that jacket. I wasted that $100–and it’s not coming back to my wallet, regardless of how long I keep the jacket. I suppose an economist could use this as an example of a “sunk cost.” The jacket has to go. At least if I get rid of it, it won’t be reminding me of my idiocy every time I open the closet door!
Are you keeping a “bad buy,” in hopes that it will be redeemed? If so, let it go.