Analysis of Factors Influencing the Decisions over Purchasing Second-Hand Products

Abstract

Second hand products are gaining more prominence in the present era of the world because there is an improvement in technology on a daily basis. This means that the products produced today will be outdated tomorrow and in order to go for an advanced version, there is a need to sell used products. The selling of second hand products makes today’s buyer to become a seller tomorrow, which are both profitable for the two parties. In this respects, there are certain factors influencing the purchase of these products considering the fact that they have been used before. These factors include; price, risk, market place and brand. Sometimes, we cannot say price is the only reason for purchasing these products since both rich and poor are now going for it. But definitely, price constitutes one of the main reasons because it is reasonable to buy a second hand product in good condition to perform the same task with the new product at a cheaper rate. Other influencing factors such as risk play a pivotal role as well because these products have been used before and they might be sold due to some faults, which could eventually make them useless for new buyers. The different roles played by these influencing factors have been well explained in this project using both primary and secondary data.