The Thrifty Prep: Looking at the Numbers (and some finds!)

Do you know how much you've spent on your current wardrobe?

Do you know what it's worth?

To begin to answer these questions, I decided to create a spreadsheet style database to track what is currently in my closet.

I started with (long sleeve) shirts because there seemed to be a simpler criteria to categorize them all. I entered the following information for each shirt in my closet:

Description
Maker
Model
Collar Style
Primary Color
Pattern
Season (if applicable)
Category (casual, dress, either)
Size / Fit
Condition
Purchased Price Paid
Price New (Current Retail Replacement Value)

The price paid does include gifts, and since I was interested in tracking my own expenses, I left these at zero for the few gifts (or hand-me-downs) I have acquired.

I acquired the bulk of my current wardrobe by thrifting over the past couple years. The second largest source would be eBay/online forums with retail stores (in-store and online) being the third.

The price new is a semi-objective tab because there are always sales, and ways of getting things cheaper, but what I tried to do here was put the most accurate market price for a new replacement item (so for example, a must-iron Brooks OCBD new is currently $92).

After inputting the ~65 shirts in my current wardrobe, I have reached the following conclusions that otherwise would have been difficult to assess.

Average price paid for a shirt: $11
Average MSRP Value of shirts owned: $87
Estimated "savings" ~88% off full price

Not only was this helpful in getting a more accurate picture of what I currently own, but for the first time I have some rough idea of what I'm actually spending and it shows that multiple thrift-price purchases do add up.

I made this simple graph to illustrate the ratio of value/expense.

The farther to the left, the lower the out of pocket expense. The bold line indicates buying at "full price" meaning the price paid is the full retail price. As you can see from my purchasing habits, buying at full price is not something I typically do!

If you were to look at an average consumers clothing expenses (unless they only buy clothes on sale), many would probably fall along the diagonal (x=y) line where what they paid is what is being charged for that particular item. The further to the upper left on the graph, the more you exploit the difference in price between new and used. Now, clothing works sort of like cars in the sense that as soon as it's no longer NWT, the re-sell price drops dramatically.

But, what is good about clothes, is the physical value the item provides to the owner doesn't change. A necktie worn once (or a bunch of times) essentially provides identical economic utility as one that is new on the shelf.

For the purposes of this blog, I define "savings" as the difference between an items full price and what you can acquire it for.

Full Price - Price Paid = Thrifty Savings

With my current wardrobe of shirts alone, looking at the difference between MSRP and what I paid, I estimate my savings to be around $4,775. Not small change for a college student, where say you are working 35 hours a week for a summer at $10 might net you only $4,200 or so before tax.

Now, what goodies have I acquired since the last update?

The rare and majestic Patagucci- much an endangered species at the thrifts. This is the first one I've found in 2+ years of thrifting!
Patagonia Synchilla Snap-T Fleece
Retail: $119
Paid: $4

An online acquisition, to add to my obsessive collection of repps
Brooks Brothers BB#1 Repp Stripe Tie
Retail: $80
Paid: $7

This tie I found on sale at a J. Mclaughlin store for 75% off. It's a wool/silk blend and quite thick with vibrant colors.
Possibly one of my most expensive tie purchases to date!Full Price: $80
Paid $20 (sale)

J. Crew Sales continue to bring in the goodies.
J. Crew 7" Stanton Short
Retail: $65
Paid $15

This pair of brown slim fit chinos clocked in at about $11 after the discounts had been applied.
J. Crew Bowery Chinos
Retail: $79.50
Paid: $11

Also from J.Crew, These MacAlister suede oxfords (Made in Italy!) were on sale for $70 (down from $140) Taking an additional 50% off and applying the student discount brought my final price down to about $30 for brand new shoes for Fall. One of my best retail scores to date.
J.Crew MacAlister Suede Oxfords
Retail: $140
Paid: $30

I thought I was in a bit of a thrifting lull after having no good finds in a while. Then I come across the exact two shades of Brooks Brothers polo (navy and burgundy) I've been yearning for, and in my exact size! To add to the fun, a Burberry polo
Brooks Brothers Performance Polo Shirt x 2 =
Paid $3 each
Retail: $65 ea. ($130)
Burberry Polo:
Paid: $6
Retail: $150

It's easy to identify good quality sweaters: Just look for all natural materials.
Acrylic? Bad.
Lambswool? Very Good
Merino Wool? Awesome
Cashmere? Really Awesome

J.Crew Merino Argyle Sweater
Retail: ~$80
Paid: $4

I wrote about the Black Fleece Oxford shirts a little in my last post, and I liked the fabric so much that I picked up another on eBay. With these shirts you are getting Thom Browne styling (but not too much), the highest quality oxford cloth, Made-in-the-USA quality, mother of pearl buttons, the list goes on...

This one is a plain OCBD because no man can own enough (quality) oxford shirts.

Brooks Brothers Black Fleece Oxford Shirt
Retail: $200
Paid: $32

Our Total Savings for this post?

$1,120 - $135 = $985

Nice!

I came across these ties but didn't buy them due to what I considered excessive wear and tear (on top of having way to many ties already). I did however, photograph them for your enjoyment. These are the real deal- vintage ties from the Yale Co-op and Harvard Co-op. These are exceptionally skinny ties from what I assume is the 1960's, but someone with possibly more knowledge than myself commented that they might even be from the 1930's