Unless you've been trapped down a man hole for the past several months, you will be fully aware of the current economic noose that is asphyxiating the majority of the UK's retailers. The knot may be loosened slightly by news that banks are monitoring the situation on the high street and would be willing to financially assist if the posture of many well-known shops worsens, or potentially “hanged” out to dry. No one wants to see further public executions of our favourite retail outlets.

The upside of being trapped down a man hole of course is how much money you would have saved during this time of anxiety and uncertainty. On the surface, however, many people have still over-spent at Christmas, and are under threat of compiling even more debt to compensate the festive indulgences that we are all too familiar with.

But, it's not all doom and gloom. As a consumer, you still have options when foraging the high street, or clicking through the Internet to find what you want. The effortless question you need to ask yourself is: Why buy new when you can buy used, or part exchange? It is possible to save money, but not compromise on quality when shopping.

The seemingly indomitable eBay is only 13 years old, but arguably has the commercial maturity and stature of a business that has been around for 30 years. The reason for its success, and more importantly its predicted longevity, is it knows its target audience; millions of people who want to save or make money. It is a frustratingly simple marketing objective, with an expansive demographic, but eBay capitalise on the fact that their customer base have little or no temptation from their competitors.

eBay's shares have slid, however, by about a third since New Year. The fall was triggered by a company announcement of a miniscule shortfall in earnings compared with analysts' predictions. As one commentator put it: "it's not often a company's quarterly sales and profits shoot up by 44% only to have its stock plummet by 19% the next day."

Like most, I enjoy shopping. I also enjoy the nice things in life. But, if these things come at high price, then I will change my attitude and tactics. This is not necessarily disloyalty, more adapting to the current economic climate. The reality is we are at the beginning of a retail recession; a time when frugality is the new frivolity. Smart shopping arrives in the form of purchasing used goods that look, feel and respond as if new. I still expect, however, a great service with expert knowledge of what I'm buying. Is this balance possible though?

I recently put my curiosity to the test when searching for a second hand digital camera, or alternatively (if it was cost affective), part exchange my old one in order to upgrade the model. Of course, I wanted a new, cutting-edge brand, but also accepted that my bank would dispute any over zealous expenditure. So, with minimal capital, but maximum optimism I began shopping.

There has been a torrent of extortionate cameras to flood the market since the end of last year, due mainly to the diminishing pound and strengthening yen. Manufacturers such as Canon, Sony and Nikon are understood to be planning an increase in prices between five and 10 per cent to cover their inflating costs. Photographers will now have to expect the already costly Nikon D3x to rise from £5300 to around £5800 in the coming months. I could see the colour in my bank manager's face drain away as I read this. However, The D3x still compliments the D3, its workhorse predecessor, and delivers astonishingly high resolution, but has provoked wide scale condemnation for its ludicrous price tag. Even if I was offered a good price for my Nikon D300 SLR, it is still an expensive piece of kit.

So, with that in mind, the still impressive D3 was an option. A host of websites were offering disparate prices, but I was looking in the region of £2500, which is slightly more digestible if I traded in my Nikon. I began to wonder who would be able to afford the delectable and more youthful D3x? Undoubtedly amateurs like myself merely dream of such technology, but in reality the D3 more than satisfies. After renewed confidence, there was a possibility of even allocating some cash for accessories, as I knew that the majority of used camera equipment doesn't have a gold plated price tag.

Still fairly adamant that I wanted a Nikon or Canon, I discovered www.mpbphotographic.co.uk who trade in quality used cameras and equipment, and more pertinently, specialise in Canon and Nikon. They also buy and part exchange, so finally I was in the right category; one that caters for high expectations, but with a restricted budget.

“Within the current economic climate buying used and part exchanging is not only logical, but has great long term financial benefits,” says Matt Barker of MPB Photographic. The second hand market for digital photographic equipment has evolved considerably over the last few years and we are finding that our customers are pleasantly surprised by the prices we can offer for their existing equipment.”

I also considered the Canon EOS 5DII, which was introduced in September last year and generated as much buzz and controversy as the Nikon. It swaggered in with an equally exorbitant £2300 ticket, displaying the same impressive attributes as its rival, but again upsetting the masses. With me being one of the masses (by that I mean one who generally wants what one can't have) I had to accept that buying new, or even part exchanging my trusty Nikon, would not allow me to compete in this digital heavyweight category.

“One of the most popular part exchange deals at the moment is on the Canon EOS 5D II,” continues Matt. “We are able to provide very competitive pricing taking the Canon EOS 5D MK1 in part exchange, or indeed any other Canon or Nikon equipment that people no longer require.”

Some retailers may be finding it hard to breathe presently, but for consumers there is some respite. Calculated and conscientious shopping, particularly online, can still be enjoyable and hopefully avoid that prodigious bank statement at the end of the month.