Speaking as the owner of ~400 records (used to be over 1000!), I would say that it depends on what you like about collecting records! When I was a teenager and in my early 20s, and records were cheaper and I went to shows every week, I think I was more likely to buy stuff. Nowadays I like having more space in my house (fewer shelves) and less stuff. So I only buy a new record if I really want it and talk myself out of everything else. And yeah records are currently very inflated. But if you just like the thrill of digging through a bargain bin or at thrift stores, and you have the space, and you love the music, go for it! Anyway, chances are the $40 record will get resold for half the price on Discogs or in a record store in a year.

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you really gotta rethink your relationship with music. I started buying records when I was a teenager and built up a pretty decent, curated collection over the years, but it’s really only worth it if you buy the albums you truly love and want to revisit over and over again. If you treat it like an extension of Spotify, where everything is available instantly, you will be broke and disappointed. The other thing that people don’t tell you about buying vinyl is that it takes a lot of time. Buying used records is the cheapest way to build your collection, but that means rummaging through a lot of junk. This is fun! But it is also time consuming.
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PROS: vinyl is such a great medium, it sounds amazing, the feel is great, it’s tangible and you get amazing large artwork with it. It also feels more special to have it as an item you can hold. It also looks pretty in a shelf and makes a physical space for the record, making it feel even more special. CONS: The price - it’s a money vacuum, and depending on how you consume music, you’ll probably never ever feel like you have enough. You could literally never stop buying, and you’ll still need to listen to Spotify or buy other mediums, even if just to listen on the go. THOUGHTS: it’s truly a quality over quantity format. its an exercise of patience and slower consumerism. it’s best for people who appreciate physical and analogue media, and get joy out of things that are visual and tangible. It can be really rewarding, but is purely for passion, rather than practicality. I’d say if you’re saving up money for something or don’t have spare cash, don’t - however if it brings you a really great amount of joy, start small and build over time. If you do start, start with records that you really love and that you enjoy listening to from start to finish. Ones that you know you will put on at home and can sit with. And keep an eye out on second hand shops, though be weary they’re not as cheap as they used to be and may not be a bargain, even if they seem so. Hope that helps!
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I will say the market has changed a lot since I started collecting like 10 years ago and its gotten much more expensive. I rarely go out and buy a new album. If you focus on buying used / bargain records you will expose yourself to a lot of music that will never be served up to you by an algorithm. Your relationship with music will definitely change and I could make the argument that having instant access to everything drains the value from music as a cultural product.

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