There are items you usually want to buy new (mattresses and toothbrushes come to mind). However, there are tons of things that you can save on by buying used or waiting until a newer model comes out before purchasing. A little patience and know-how can go a long way; no need to sacrifice quality.

Cars
After five years the average car is only worth 35% of its original price. New car smell isn’t that good.

Instruments
Shelling out top dollar for a new instrument isn’t necessary. By getting that bass and amp used, you have more money to spend on transportation to gigs and new strings.

Sports equipment
Balls, clubs and pads can be really expensive and don’t always get as much use as intended. Yard sales and resale sports outlets are a gold mine for picking up cheap gear that other people bought new and tossed aside.

Books
Psst-–they’re free at the library, and most books are only read once anyway. If you crave ownership, most titles are much cheaper used. Browse bookstores or websites like amazon.com or half.com.

Video games
Within a year of release, game prices can drop up to 50%. A lot of older games for PS3, Wii and Xbox 360 go for less than $20. Used games are widely available in stores and online.

iPOD
You’ve got to love Apple for rolling out new products so frequently. Reap the benefits by buying refurbished or older-model tech toys for a fraction of the original cost. Check out overstock.com and apple.com.

DVDs
Netflix, iTunes, and tons of other options for watching movies make buying DVDs at full retail price obsolete. If you still want to own, find used copies of your favorite DVDs online or at rental stores.

Designer clothes
Let rich people buy designer duds first. When they clean out their closets a month later to make room for the newest haul, that’s when you strike. Check out clothesagency.com or bluefly.com for consignment designer clothes.

Hand tools
Everyone, regardless of handyman skill level, needs basic tools for use around the house. Well-made tools last for years, so why buy a brand new hammer (or wrench, shovel, etc.) when you can find one for less at a yard or estate sale?

Jewelry
Markups on new jewelry are insane-–sometimes around 100% or more. Check out ebay.com or a reputable neighborhood pawn shop for more affordable options.

Sources:

moneycentral.msn.com, kbb.com, mint.com