Let’s talk about buyer’s remorse. If you’re not familiar with this term, it is a feeling of regret that people often get after purchasing an expensive item, like a car or a house. Despite the initial excitement about having his precious purchase, guilt may kick in soon over spending — or committing to spend — a big amount of money.
Buyer’s remorse also could be a result of If you have researched your purchase options well, and made an informed decisions, you may rest assured that your concerns are just part of typical buyer’s remorse You may wonder about whether the seller took advantage of you, or whether you made the right decision. In an extreme case of buyer’s remorse, you may feel like you must back out of the deal — a decision that could be costly.
That is why it is important to identify whether your feelings in such a situation are triggered by actual concerns or not. Here are a few points to keep in mind.
If you have researched your purchase options well, and made an informed decisions, you may rest assured that your concerns are just part of typical buyer’s remorse. Yes, you might have some doubts, but you probably have sufficient information to counter these doubts.
The situation is different from an impulse purchase. If you’ve walked into a mall to grab a new shirt, and walked out with a diamond ring or a signed contract for a timeshare, your concerns may be well-placed. The difference lies in the amount of research and consideration you put into the transaction.
Go back and think of all the factors that led you to commit to a purchase, and you might be relieved to find that you’ve exhausted all other options, or what you purchased seems well within the parameters that you had already set.
Change of circumstances
Has your situation changed lately in a way that makes a particular purchase unnecessary? For example, had you planned a vacation and then lost your job. If you still went ahead with your plans, you may experience strong feelings of regret because you now know that you can’t afford this vacation, or you’re concerned about the long-term impact on your spending.
Ideally, you would not overlook your change of circumstances. But if you did and now you feel stuck with a major purchase, weigh the pros and cons of proceeding with this commitment. In addition, consider the long-term obligation. For example, is your guilt-triggering event related to a couple of thousand dirhams for a weekend getaway or a house with a 30-year mortgage.
Know the costs
Getting out of a major purchase can be expensive, especially if this item is financed. Sometimes, it is just cheaper to keep it. For example, if you’ve bought a new car and finalised the paperwork. Going back to return it after a couple of months is considered a sale. The car by then would have depreciated because it is no longer new, you probably owe on it more than its worth, and there could be some penalties for paying the loan off too early.
Backing out of a home purchase even before the purchase is completed can also cost you money. Although in the bigger scheme of things, this cost doesn’t compare to the larger obligation, just be aware of what you’re walking into when you decide to cancel or back out from a major purchase.
If you’ve done your homework and bought your dream car or home, but now you feel unhappy, give it a week or so to see how you view this purchase. Many times your rational decision is going to alienate your fears, and with time you will begin to enjoy your purchase.
In addition, keep in mind many purchases come with a to-do list, which might dampen your excitement about owning this new toy a bit. Take your time to plan your next step, and step your emotions aside. You probably did make the right decision even if it doesn’t feel this way immediately after signing the dotted line.
By Rania Oteify
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