Tags: consumers | buyers remorse

9 Purchases Buyers Almost Always Regret

A piano
A piano (Stangot/Dreamstime.com)

By    |   Thursday, 18 July 2019 01:49 PM

Buyer's remorse. We have all been there. Filled with regret over that purchase that initially seemed like such a good idea. Whether it was a fancy new gadget or something as big as a house, at some point we are going to kick ourselves for buying it.

To avoid buyer's remorse, it helps to know what items give people the most of it! Money Talk News recently listed the top most common purchases that buyers almost always regret making. Here are nine of them:

  1. A Boat. Owning a boat sounds like a luxury investment, but it takes a lot of work — and money — to keep it afloat. This is one purchase you do not want to make on a whim. One common saying among boat owners is the two happiest days in a boat owner's life is the day he buys a boat and the day he sells it!
  2. Timeshare. This always sounds like a good idea. Especially when it is presented to you by a crafty sales agent. However, partially sharing ownership of a vacation property is limiting. You are bound to vacationing at the same spot and you cannot necessarily pick the dates you want.
  3. Extended warranty. You didn't even think about an extended warranty when you made your purchase, but after speaking to the clerk you are probably wondering how you would cope without it. What if your brand new gadget breaks? Before you take the leap, do some research because you might have coverage from a manufacturer's warranty.
  4. Expensive camping equipment. Planning an outdoor vacation? It is easy to get swept up in the moment and splash out on a massive tent and other expensive equipment. But unless you are a die-hard camper, you will probably regret it. If you are camping out just a few times a year, then a small tent and entry-level equipment should be good enough.
  5. Home exercise equipment. Going to the gym can be such a slog, so why not bring it to the comfort of your own home? It sounds like a great idea, but exercise equipment is expensive, takes up a lot of space, and requires maintenance. You need to ask just how committed you are to your fitness regime. Chances are if you are skipping the gym, you will skimp on your at-home treadmill session as well.
  6. Pools and hot tubs. Very few things compare to cooling off in the pool on a hot summery day or warming up in the hot tub on a chilly winter night. However, once the novelty has worn off you may regret this one. Pools and hot tubs require a lot of work and maintenance can be expensive.
  7. Piano. You have always wanted to learn the play the piano! Or perhaps you already know how to and want to brush up on your technique? Maybe you have a child who is aspiring to be the next Beethoven? Whatever the reasons are for seeking out a piano, give this one some serious thought. Pianos are expensive and they take up a lot of space. In most cases, a portable keyboard will be just as effective.
  8. Expensive engagement rings. Weddings are costly affairs. Overextending your budget with a flashy engagement ring could come with a serious case of buyer's remorse. Jewelers can often offer more affordable options that are equally impressive.
  9. Collectibles. Those vintage toys may induce a sense of nostalgia and that growing collection of coins may fill you with a sense of pride and joy, but if you are collecting in hope of making money one day, you might want to drop the idea. Collecting can be an expensive business.

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Whether it was a fancy new gadget or something as big as a house, at some point we are going to kick ourselves for buying certain things.
consumers, buyers remorse
Thursday, 18 July 2019 01:49 PM
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