Category: 

What is Buyer's Remorse?

Article Details
  • Written By: Brendan McGuigan
  • Edited By: Bronwyn Harris
  • Last Modified Date: 06 April 2014
  • Copyright Protected:
    2003-2014
    Conjecture Corporation
  • Print this Article
Free Widgets for your Site/Blog
An estimated 80% of blind people have difficulty sleeping.  more...

April 17 ,  1907 :  Ellis Island had its busiest day.  more...

Buyer's remorse is the term given to the feeling a person often gets after making a large purchase. Although excited at the time of the purchase, once they've spent a lot of money, many people feel a deep regret and concern that they made the wrong decision.

Buyer's remorse takes many different forms, most of them typified by a high level of anxiety, usually about having made the wrong decision. Sometimes it strikes when a person makes a purchase they may not have actually had the money or credit for, and after buying it they begin to realize that they were living well outside of their means, and worry begins to grow over the consequences. This is especially true of purchases such as buying a new home, which is one of the most common triggers for buyer's remorse, due in no small part to the huge amounts of money usually involved.

Ad

This feeling may also focus on the worry that a purchase was made at the wrong time, and that by waiting a better deal could be had. This is especially common in the technology sector, and in automobiles, where new generations of products are released regularly. A person might make a purchase and then immediately begin wishing they had waited for the next generation to come out, as their product will soon be outdated. This type of buyer's remorse is largely unfounded, since the same case can be made at any point in time, as new generations are constantly being rolled out. It is especially prevalent when a new generation of a product is immediately released, however, leading the buyer to wish they had waited a week or two before committing to a purchase.

Buyer's remorse may also express itself as extreme guilt over the buying act itself. Especially with people who may have a problem with over-consumption, after making a purchase they may begin to feel regret for having once again succumbed to an addiction. This may also manifest as a concern for how others will view their purchases, especially if they may easily be viewed as frivolous or in bad judgment.

Psychologically, buyer's remorse makes perfect sense. A consumer switches from one state to another when making a purchase, where the state before they've made the purchase has enormous positive influence, and the purchase afterward loses a great deal of that. Before making a purchase, a buyer is faced with a great deal of choices, giving them a sense of agency and power in the world. They have money or credit to spend, and get to exert their dominance over the marketplace by placing their purchasing power.

After the purchase, however, all options have vanished. Buyer's remorse may set in as they see themselves locked into a single decision, which may or may not have been the best, and seek their purchasing power reduced. No longer acting from a position of control, many people react by seeking to distance themselves from the purchasing act, to reaffirm their sense of having had a wide field of choices. Buyer's remorse is, in this way, seen as a very simple state of cognitive dissonance, where the desire to retain complete control and infinite possibilities clashes with the reality of actually exerting that control by limiting those possibilities.

Ad

Discuss this Article

anon932451
Post 7

I bought a very expensive Canon camera -- I mean very expensive -- and I am not even a pro or semi pro photographer. I have been having buyer's remorse especially because I still have a student loan to pay. I took the Camera back and got my money back but before that I had all the "positive" reasons why I need to get the camera. Always go for need than want.

anon351610
Post 6

I Just bought a condo in NYC. Boy, do I regret it now -- every minute, every hour, every day, every week...

anon153175
Post 5

I have buyer's remorse over an expensive ring I purchased from a consignment jewelry shop in August 09. To offset the cost, I brought pieces of my jewelry I never wear to offset the cost of this ring. I am certain the consignment aspect is a scam (the shop said they have only sold three pieces out of twelve since Aug. 09) Dumb me, I signed an agreement. Live and learn I guess. Big time buyer's remorse.

anon153004
Post 4

I had buyers remorse 10 months ago when I bought a new car, but I still have it. Paid too much for the car, payments are too much. I wish I had my old car back.

Always take two or three days to think about it. Don't worry about them selling to someone else. They make new cars every day.

anon44983
Post 3

can a person take a car back to the dealer the next day, with buyers remorse and get my old car back and my down payment. and out of the deal in kansas?

anon36849
Post 1

I had buyer's remorse when I purchased my first new car. I was happy when driving it off the lot, but when I got home. I sat on my step, looked at the car and broke out in tears. I even called my lawyer to see if there was a way that I could return it!! LOL.

Well, that didn't last long. I was completely over it the next day. Next month will be 4 years that I've had it and I still love it!!

Post your comments

Post Anonymously

Login

username
password
forgot password?

Register

username
password
confirm
email