(Daily360.com) – Have you ever made a purchase that you later came to regret? If yes, then you are not alone — especially if you are an impulse buyer. You may see something that will interest you at the moment and after some time, you start asking yourself why you bought it and even attempt any possible means to dispose of it or return it to the store. This particular regret is often referred to as buyer’s remorse. You may be asking about buyer’s remorse and how the law help.
What is Buyer’s Remorse?
Buyer’s remorse is a consumer’s negative emotional response, such as guilt and regret after making a purchase. Usually, most regrets are observed in people who make purchases of larger items such as properties and cars, but this does not mean that smaller purchases do not cause regrets. The guilt is associated with spending without budgeting, making a rush decision when purchasing, malfunctioning of the item or other charges and maintenance costs the buyer ignored when making a purchase.
How to Handle Buyer’s Remorse
If you find yourself regretting a purchase and trying to avoid future regrets, here are some ways you can adopt to deal with the situation:
Adopt the 24-hour Rule Before Any Purchase
It would be best to give yourself enough time, about 24 hours, to think of what you want to buy and why and understand it better before purchasing. The 24-hour rule suggests that for every $100 on an item, you need to take 24 hours to think of it before making a purchase. This will help you in making an informed decision and avoiding future regrets.
Practice Better Budgeting
Budgeting your finances and observing your spending behavior to cut down on unnecessary purchases is important. You must be strictly disciplined and follow your budget by only buying an item when necessary. Creating a budget will reduce remorse by avoiding impulse buying and make you financially healthy.
Return Small Items
Some stores have a time frame for returning small items. Take this chance to return the items you regret buying and get a refund. However, you need to understand the seller’s refund policy.
How Does the Law Help?
Some buyer remorse may attract legal implications that necessitate consumer protection. For example, consumer protection laws can apply when a seller fails to disclose all the information about a product and you purchase it, leading to remorse. The law will help in the following ways:
Cooling Off Rule
The cooling-off rule created by the Federal Trade Commission (FTC) intends to protect consumers who have purchased a product, particularly on a door-to-door sale. The law protects you from buyer’s remorse by allowing you to walk out of a sale or sale contract. However, the governments provide a grace period of three days to back out of the sale. Only some specific purchases qualify for the cooling off-rule. It is important to understand which purchases qualify for the rule before thinking the government got your back in all sales agreements.
For qualifying purchases, the cooling-off rule applies under the following conditions:
- When a purchase is intended for household and personal consumption
- Purchases in temporary sales locations exceed $130
- Purchases made at home must exceed $25
Automobile Lemon Law
The automobile lemon law protects consumers from buyer’s remorse when they purchase a car with severe defects. A car may be referred to as a lemon when there are several defects while still under warranty. The law implies that if there are several defects, the seller or dealer must refund the payment or give the buyer another vehicle. The rule only applies to new cars that meet the required qualifications, which vary by state.
Buyer’s Remorse In a Nutshell
Buyer’s remorse results from regrets and negative emotional responses resulting from a purchase of an item. However, with appropriate strategies such as returning small items and budgeting, one can avoid instances of regrets after purchasing an item. Some remorse may need consumer protection laws, particularly when dealing with defective items and remorse resulting from the seller’s negligence. The cooling off rule and lemon law are some of the legal implications that one should consider if the item they are buying qualifies for protection or not to protect them from making wrong moves and decisions.
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