You might want to think twice before buying these items. You just may end up regretting it.
10. The Latest Tech Gadget
Not only are the latest tech gadgets super expensive, many of them don’t live up to consumers’ expectations — e.g. unstable devices, exploding phones, and hardware that becomes obsolete within a week after you’ve purchased it.
With that said, here are a few tech purchases ZDNet staff members have regretted making:
-“The worst smartphone I have ever purchased was the BlackBerry Storm. At the time (2006), BlackBerry phones with keyboards were rocking the business world, but BlackBerry wanted to offer something to compete with the iPhone, the new Android platform, and the Palm Pre. The touchscreen was atrocious, making the BlackBerry Storm basically useless.” –Matthew Miller
-“Sometimes you buy a lemon. This laptop [Apple MacBook Air (2015)] was never quite powerful enough for my purposes, and it had one minor — but annoying — problem after another.” –Steven Vaughan-Nichols
-“There was such a short period of time between DVD players and streaming video. I think I spent more time setting up my [Blu-ray player] than using it.” –Kelly Simon McSweeney
9. First Home
According to CNBC, nearly 70 percent of millennials say they regret buying their homes. But, it’s not the fact that they bought a home that they regret — it’s that they felt they made poor financial choices (including not having saved enough money before their first year of homeownership), underestimated ongoing costs (e.g. utility bills), and settled for a home that didn’t quite fit their family’s needs.
Unfortunately, “millennials are so eager to become homeowners that some may be inadvertently cutting off their nose to spite their face,” Ryan Bailey, head of Bank of the West’s retail banking, told CNBC.
8. Hygiene Products
According to an article published by MSN, this is one of the most commonly regretted purchases among women. It’s not that women don’t care about their hygiene. It’s the fact that they end up paying more for hygiene products than men do. To make matters worse, these products are often similar in nature. But, because of the Pink Tax (a.k.a. tax placed on products marketed to females), women often pay more than men for shampoo, razors, shaving cream and other products. For example, women pay about 35 percent more for Alberto VO5 shampoo marketed to them versus the same shampoo marketed to men.
Many people love the elegance, sophistication and beauty a piano adds to their home. But, once they see how much space it takes up and how difficult it is to move, they flock to the internet to try to sell them or even give them away for free.
TIP: If you don’t even know how to play one, it’s best to avoid this purchase. And, if by chance there’s someone in your home taking lessons, it may be best to start with a portable keyboard. They’re much smaller, less costly, and easy to move.
6. Swimming Pool and Hot Tub
Why would anyone regret these purchases, you might ask. Well, for one they can be quite costly to install and remove. Plus, they require a lot of maintenance. And, unlike your mattress, which you sleep on every night, swimming pools and hot tubs don’t get used nearly as much. So, unless you’re in there every day, you probably won’t get your money’s worth.
Also, having a pool or hot tub can make it difficult for you to sell your home if you plan on moving. Potential home buyers — particularly those with children — may see a hot tub as a safety hazard. Yes, they could remove it. But, as we just mentioned, removing a hot tub can be costly. As for swimming pools, the people who typically want them are families with young kids, so you’ve essentially eliminated a large chunk of potential buyers right there.
5. Pricey Engagement Ring
We know how important it is to go all out for the man or woman you love, but there are cheaper ways to do it. For example, instead of buying a pricey engagement ring you could opt for an alternative metal like white gold or sterling silver, or an alternative stone like Moissanite, which looks similar to a diamond but is more durable and more resistant to abrasion. You could also consider buying a used engagement ring. You can buy them at just about any place you’d find used goods. You can also purchase them online on websites like eBay and Craigslist, sometimes for less than $100!
4. One-Use Kitchen Appliance
Kitchen appliances that can only perform one task — you know, those novelty items you see on late-night infomercials (e.g. juicers, bread makers, food dehydrators, hot dog cookers, etc.) that you buy on impulse — are usually not worth the money. Be honest with yourself. You’ll probably use these gadgets only once or twice, then leave it sitting on the counter in a designated spot for the rest of your life.
TIP: Purchase multi-use appliances like toasters and coffeemakers instead. Your wallet will thank you.
3. Extended Warranty
There are times when an extended warranty can come in handy — for example, when purchasing a car or a new couch. Then, there are times when a sales clerk just wants to push an extended warranty on you to get you to spend more of your hard-earned money.
TIP: MoneyTalksNews suggests that you “research the product you’re buying, and also check if you may have coverage through other sources, such as a manufacturer’s warranty or through your credit card. You may not even need to fork out for extra coverage.”
In short, a timeshare is a vacation property that two or more strangers partially own. They may seem like the perfect purchase, but unless you vacation in the same location every year, you’ve just wasted a ton of money. Not only that, timeshare properties don’t increase in value once you purchase them. So, all you’re left with then is the responsibility of maintaining it and making the loan payments.
TIP: Unless you vacation in the same spot every year, it may be best to book a hotel or resort instead.
1. Giant Dessert
Remember the scene from “Bill & Ted’s Excellent Adventure” when they bring out that huge bowl of ice cream for Napoleon and the kids to eat? Believe it or not, desserts like that actually exist. And, the only reason why you should ever purchase one of them is if you’re planning on sharing it with at least three other people. No doubt, if you try to eat something like that on your own, you’ll end up regretting it — and you’ll probably end up in the ER too, LOL!
What purchases have you regretted making? Let us know in the comments section below.