Used or new camera gear? When each one saves you more

Buying used is often the cheapest way into a camera system, but it is not always the best deal. Sometimes a maker's promotion, a warranty or a fresh battery makes new the better buy for little extra. This guide explains how camera and lens prices tend to behave, so you can tell which situation you are in before you pay.

How camera gear loses value

There is no fixed depreciation rate for cameras. How fast an item loses value depends on what it is, how many were sold, and what the maker does next. A few patterns hold often enough to plan around.

Bodies lose value faster than lenses

A camera body is a piece of electronics. Each new generation brings better autofocus, video or sensors, so older bodies lose appeal as their successors arrive. Lenses change much more slowly. A well-made lens can stay current through several generations of bodies on the same mount, so used lens prices tend to hold up better than used body prices.

That makes the advice slightly counter-intuitive. On a used body you can often save a lot, but you also take on more wear (the shutter, the battery, the buttons) and less remaining support. On a used lens the saving can be smaller, but the risk is lower too, because a lens has fewer parts that wear out and its quality is easy to test.

The steepest fall is usually early

A new model is rarely discounted at launch, and early buyers pay the most. Once the first wave of demand passes, used copies start to appear and prices tend to settle. After that, the next big step usually comes when a successor is announced.

Successor launches move prices

When a maker replaces a camera, two things can happen to the older one:

• New stock may be discounted while shops clear it, then become scarce once it sells out.
• Used supply can rise, as owners sell to pay for the upgrade. More supply tends to push used prices down, although a popular model in short supply can hold its price or even rise for a while.

If you don't need what the newer model adds, the outgoing one around a launch can be good value either new or used. When camera and lens prices drop covers these patterns in more detail, and compare shows what a newer model actually changes.

When buying used saves the most

Used tends to win when most of these are true:

• The item has been out for a while and a successor has arrived, so plenty of used copies are around.
• It is a lens rather than a body, especially a simple prime or a popular zoom, where wear is easy to check.
• The thing you care about hasn't changed. If an older body's sensor and autofocus do what you need, a newer model's extra features are money you don't have to spend.
• You can test it or return it. A dealer's returns window or a marketplace guarantee takes much of the risk out.
• You were going to buy the previous model anyway. Buying used can let you step up a level for the same budget, for example a better lens instead of a newer body.

Lenses for mounts a maker has stopped developing, such as many DSLR lenses, can be very cheap used. They can still work well on a mirrorless body with the maker's adapter, though not every lens keeps every feature or the same autofocus speed when adapted. Check before you buy: mounts lists what fits what.

When new is worth it

New makes sense more often than many buyers think.

Recent releases

A camera or lens launched in the last few months may have only a small used discount, if any. The few used copies may be returns or quick resales, and the saving may not cover the warranty you give up.

Maker promotions

Makers run time-limited promotions on new gear, and they almost never apply to used items. In the US these are usually instant savings taken off the price; in the UK and the EU they are often cashback you claim afterwards. When one is running, the gap between new and used can shrink sharply, and sometimes disappears. In the US, many makers also have minimum advertised price policies, so authorised dealers tend to show the same price and move together when a promotion starts. When camera and lens prices drop explains how instant savings, cashback and advertised-price rules work in each market.

Warranty and support

A new item from an authorised local dealer comes with the maker's full warranty, usually tied to the country of purchase. Used items may have only what is left of that warranty, a dealer's own shorter warranty, or nothing. If you plan to rely on the camera for paid work, travel far with it or keep it for many years, a full warranty has real value.

Makers also stop repairing older models eventually, once parts run out. A body that is already several generations old may have fewer years of official repairs left. Check the maker's support site if this matters to you.

Parts that wear

Shutters, batteries, rubber grips and sensor coatings all age. A new body starts with none of that wear. For a camera you'll use heavily, such as for sports or events, that can be worth paying for.

Legal rights

In most markets, buying from a business gives you stronger legal rights than buying privately, and buying new gives you the clearest position. In the EU, for example, the legal guarantee on goods from a professional seller is at least two years, though some countries let sellers agree a shorter period for used goods. How to buy a used camera or lens safely sets out the rules for each market.

Refurbished: the middle ground

Refurbished items have usually been returned, repaired or used as display stock, then checked and sold again. There are two kinds, and they are not the same.

• Maker-refurbished items are inspected by the camera maker or its service centre and usually come with a warranty from the maker. Canon USA's warranty page, for instance, lists a one-year limited warranty on refurbished products. Terms and availability vary by maker and country, so read the warranty for the specific item.
• Seller-refurbished items are checked by a shop or marketplace seller. The warranty, if any, is the seller's, and standards vary widely.

Refurbished prices usually sit between new and used. They tend to make sense when the saving over new is meaningful and the warranty is close to what new would give you. They make less sense when a maker promotion brings the new price down to the same level, since promotions usually exclude refurbished stock.

Side by side

	New	Maker-refurbished	Used from a dealer	Used, private sale
Typical price	Highest	Between new and used	Lower	Usually lowest
Maker promotions	Often eligible	Usually not	No	No
Warranty	Full maker warranty	Maker warranty, often shorter	Dealer's warranty, if any	Usually none
Returns	Seller policy and local law	Seller policy and local law	Dealer policy and local law	Limited
Condition risk	Lowest	Low	Depends on grading	Highest
Best for	Recent releases, heavy use, promotions	Saving with a safety net	Older models and lenses	Buyers who can test in person

Lenses vs bodies: a practical split

Many photographers spend in a way that follows from the patterns above:

• Buy lenses used where you can, especially established models. They hold value, so you lose less if you sell later, and a careful inspection catches most problems.
• Buy bodies new or refurbished if you want the latest features or a full warranty, or used if a previous model does what you need and you can check its condition.
• Buy into the mount, not just the body. Lenses usually outlast bodies, so a mount with a good choice of new and used lenses saves money over the years. Lens mounts explained covers which mounts take which lenses.

Watch for grey imports in both cases. A new item well below the usual price may be a parallel import without a local maker's warranty. Grey market cameras explains what that means in each market.

How to decide on a specific item

1. Check today's new and used prices. Each page under cameras and lenses shows the lowest new and used prices side by side, in your market's currency.
2. Look at the price history. If the new price has just dropped, the used saving may now be small.
3. Check for a successor. A launch can lower both the new and used price of the outgoing model.
4. Value the warranty honestly. Ask how long you'll keep the item and what a repair would cost you without cover.
5. Look at the alternatives. Deals lists this week's drops and where buying used currently saves the most, and the finder suggests cameras for how you shoot and your budget.

The cheapest listing is not always the best buy. The right choice is the one where the saving outweighs what you give up in warranty, condition and convenience.