[AussieWog93]

Again, though, most of the economic value of that is in the experience itself. The retailer reassures you with a warranty and you do avoid the small risk of painful emotions (humiliation/disappointment) should something go wrong with an informal transaction.

The short-term failure rate of second hand goods is nowhere near the 50% that would be needed to justify the price difference in terms of pure rational economic terms, especially given that most informal sellers are happy to guarantee that a product is working at the moment of sale.