Advice on an impulsive purchase gone wrong

[Glenn Masa]

I've wanted to get a vintage guitar for a long while now and over the last two and a half years, set aside £50 a month towards a budget. Yesterday I was out trying around and found what I thought to be a very nice gibson which was £300 under my budget, I jumped at the opportunity but wish I hadn't. I did um and ah at the till if I should sleep on the decision but was discouraged that "it might be gone tomorrow."

In the shop I thought it played very nicely but upon getting it home the cracks began to show... you know where this is going. I went to return it less than a day after I had purchased it - unfortunately they did not accept in person returns but only online returns - I had misunderstood their return policies. I don't blame them - guitar dealership is a struggling trade and people can't always offer returns. Also I'm an idiot.

In an attempt to try get some of my money back I went around all the other guitar shops in the area that might take vintage guitars. they all offered me half of what I paid as each pointed out faults and blemishes that knocked the price which I blindly missed. Did I mention I'm an idiot. Upon more researching I realised I over paid as models of similar quality were substantially less.

to their credit, the original shop did offer me full store credit but I'm not sure whether I should just bite the bullet and sell elsewhere and suffer the loss as theres nothing to say that I won't find a fair price at that shop with another item as this is not their first overpricing according to reviews.

This was my first foray into the vintage world and I'm sad its not gone so well but am really not sure whats best to do.

tldr
I'm an idiot
Should I get full store credit which lasts a year and ties my savings to that shop (which can overprice) reducing options like reverb for example (also I have to decide relatively quickly)
or
Bite the bullet and sell elsewhere making some money back and save up, throughly researching my next purchase and giving me options

Thank you for your help in advance,
Glenn

[The Bard Rocks]

If the store has - or is likely to get - a vintage guitar that might suit you better, I'd go with the store credit. It's a fair thing they are offering you - but only if you can find something you want there.

One question I'd ask is if they will allow you to transfer the store credit to someone else. Then if you found someone who wanted an instrument they had, you could "sell" them your credit and regain most of your money.

[BT55]

First - we all make mistakes! Don’t beat yourself up. Selling to a guitar shop you should expect to get half of what they will resell it for. If you’re going to take a beating selling the guitar to a store or personally take the store credit.

[Rudy4]

You've already figured out you're probably not going to get more than 50% back by "biting the bullet". Accept the shops's generous offer and wait for something better to come along; it's not their fault that you jumped where you shouldn't have.

If you find something that you feel like you should immediately buy then you probably shouldn't. There's a glut of used guitars out there and if you miss out by thinking your purchase through then there will be something else close behind.

"Vintage" instruments often come with baggage that can't been seen without a lot of skillful past knowledge. There's always a reason why someone else got rid of it.

If the shop sells new guitars perhaps they would consider making you a good deal on something that is conservatively priced. Often there's wiggle room, especially if the shop has a good reputation to uphold.

Your store credit will greatly offset a new purchase and you don't end up losing half of your money in the process.

It sounds like this might have been a valuable lesson for you.

[Glenn Masa]

When checking earlier to see if they had anything I might like better there was nothing in my price range and that, that was, was nothing I liked but there is still a year in which they could get something I liked in. True, I agree its fair but as you say only if they might get something I want.

Very good question! I should definitely ask that as that sounds like the perfect solution to restore my savings and restore my options should I see something I like elsewhere!

[gmel555]

Originally Posted by The Bard Rocks

If the store has - or is likely to get - a vintage guitar that might suit you better, I'd go with the store credit. It's a fair thing they are offering you - but only if you can find something you want there.

I think what the Bard says is about right. It's a roll of the dice on them having something you'll really want within the next 12 months. Only you can decide if they're big enough and turn-over a diverse enough inventory to make that likely. Also, how long have they been in business? Wouldn't want to see them go under holding your credits. As others said don't be too hard on yourself. There are two types of longer-term guitarists: 1) Those who have made bad purchases and 2) Those who lie about never having made a bad choice . Good Luck.

PS: Other stores offering you half of what you paid indicates they probably expect to re-sell for about the same price you paid, so shouldn't feel too bad about that.

[Glenn Masa]

Thanks BT55, true - its definitely the more effective money back wise I'm just worried it ties me there but The Bard Rocks suggestion should be a good course of action should they accept.

[lowrider]

What is so wrong with this guitar? You loved it in the store. What did you not like once you got it home? Why not take it to someone who could fix the problems?

The other stores weren't low-balling you, that's the way they operate; pay low, sell high. They have to to stay in business.

If you spent just a little more on this guitar, it just might turn out to be the guitar you thought you were getting and become the guitar of your dreams.

[Glenn Masa]

True Rudy, I won't deny that its not their fault - this one lies with me. In the past I've been able to think through non vintage purchases, I think its the fear of it going and this being my first vintage purchase that saw me making this mistake.

True and something I hope to develop - though this is the first I don't want it to be the last but I'd like to start on the right foot if I can.

They do but nothing that caught my eye - I could keep my eye open though.

True, okay I think this is the way to go. Also yes a very valuable lesson - one I won't forget I hope

[Arthur Slowhand]

Originally Posted by Glenn Masa

The Bard Rocks suggestion should be a good course of action should they accept.

Passing the credit note on to someone else opens a huge can of worms - what happens, for instance, if they then decide to return the item? I doubt the retailer is going to be too enthusiastic about that arrangement.

No... when you're in a hole, stop digging - take the credit note and wait and see what comes up. Oh, and you're NOT an idiot... these things happen... I'm sure it'll turn out for the good.

[BradleyS]

Hey Glenn, as has been suggested, I think I would take the store credit rather than loose 50% of your investment. In the interim, you can save a bit more.
I would also request that the shop owner notify you when a guitar comes in that might meet the perimeters you have in mind. Perhaps he would be willing to give you fist crack at one.
I sympathize with your situation.

[Tycobb73]

Try selling it on here or reverb. You'll likely recover somewhere in the middle of what you paid and what stores are offering.

[Glenn Masa]

I'd hope that they would and from what I can find they do seem to have a good turnover and maybe a gamble is also an option as well as they selling my credit should that be an option. 40 years or so I believe so hopefully not. Thanks gmel, I hope my posting goes to show I'm the first! Thank you.

Also thank you, that is a relief to know

[Tube Sound]

Not an idiot, a guitar loving human. I would take the store credit and then essentially move in, to watch their inventory. Sometimes things happen for a reason. They may get in a guitar that blows your mind and they give you a great deal because at that point, you are practically family. Carry on my wayward son.....

[why2]

I agree with Tube Sound. Visit the store a lot. It is a bit of work but you should get to know the staff and their dealings and their inventory. If possible talk about music and guitars. It will be educational. If everyone is upfront about the situation they would, hopefully, keep you in mind when a good "find" comes into the shop.
I also agree with the idea of continuing to build up your guitar purchasing fund. It gives you more options and if the store management knows that you are still very interested in getting a quality instrument and are increasing your budget for the purchase they will certainly be paying attention to you in good way.
So I think you should take the credit.

why2