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Handed down from one person after being used by another.

Probably a little worn out but still usable.
The point is that such an item would be less expensive than buying something new.

Such items are commonly found in the possession of children in large families being forced to wear the clothing their older siblings grew out of, as well as college students whose finances are too tied up in paying for their educations to buy new, expensive things.

See Secondhand.

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