Brits hoarding antiquated electronics
Almost 300 million out-dated devices are currently being hoarded in British homes, according to a survey conducted by insurer esure.
Apparently, consumers are holding on to the old electronics for various reasons; one of which is to add to the over-all value of their home contents in their insurance policies.
Some individuals however, simply can’t let go of the items because of the amount of money initially spent on them. This seems to be the case, even if electronics such as video recorders (VCRs) have already been replaced by DVD players, and so on.
Given the rapidity of technological changes, and how expensive some of the appliances are, such as hi-fis being replaced by iPods and docking stations - it’s easy to see why many consumers are reluctant to throw their old equipment away. The older technology still works - but is considered outdated. Victrolas still play vinyl records and in many cases these items have now gained in value. Only time will tell if old electronics will follow the same path, and many believe it to be unlikely.
According to esure, the findings of their survey are also indicative of consumers’ willingness to spend on new luxuries - with secured loans a possible means of affording the new technologies.
Nikki Sellers, head of home insurance stated, “Millions of homes are tied to a constant upgrade cycle on account of new and better gadgets appearing almost daily. Unfortunately, we are also stockpiling the items they replace because we can’t bear to throw them away.”
One in three respondents surveyed said they were unwilling to get rid of the antiquated goods due to the amount of money they had spent on them.
The Office of Fair Trading previously observed that securing home loans and other forms of lending offered “a sign of freedom” for young Britons, and could possibly spread the expense of major purchases over a period of time, lessening the strain on available finances.