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Vintage Wall Phone: A Timeless Classic (Buyer Beware)

Financial Plan Major Purchases

An aluminum vintage phone sign hanging on a kitchen wall

Vintage Wall Phone: A Timeless Classic

by T. Claire Kest, CFP®, CAP®

An old phone jack protrudes through the center of my kitchen wall. For a few years, a replica of da Vinci's Last Supper hung there, but I wanted a change and thought a vintage wall phone from the 1930s would be a fun conversation piece. So, when I found one on eBay, I didn't hesitate. Within 30 seconds, my finger was on the buy button, and with Apple Pay, I checked out in just a few seconds. 

The cute-looking old bell phone with a crank generator and a mouthpiece actually looked like a face. Probably something like my great-grandparents would have owned. The price was good, $14.02 felt like a no-brainer. I didn't even bother to look at the description; the headline was enough, "Vintage Wall Phone: A Timeless Classic."  I've never made an online purchase so quickly. I was feeling quite proud of myself.

But buyer beware. If I had taken the time to read the description, I would have learned that I didn't actually purchase a phone. According to the email confirmation, what I purchased was "a touch of vintage elegance with this 8"x12" aluminum metal sign featuring a classic wall phone design." I paused for a moment to think, then exclaimed, "What did I buy?" out loud, to no one in particular. The words came out as a sigh, registering my surprise at the mistake I made. Now, I had another choice. Do I request a refund, or let it go? 

I estimated the time it would take to reverse the charge and I let it go. At first, I felt embarrassed about the incident and tossed it off as a silly mistake. How could I not know what I was buying?  My quick impulse buy deserved one more minute of thought. I now consider my $14.02 mistake as a gift. When we have a little bit of money, we make small mistakes. But when we have a lot of money, we might make bigger mistakes. 

Whenever you make a big purchase, always stop to think. Spend some time investigating your options. The average time you spend thinking about (or researching) the decision should equal some percentage of the purchase price. For a larger purchase, like a vehicle, you might spend 12-15 hours completing it from start to finish. On average, consumers spend about 6.5 hours researching new cars and about 7.5 hours researching used cars, according to a 2024 Cox Automotive Car Buyer Journey Study. 

For insurance products like annuities and whole life insurance, you get a "free look" period during which you can cancel the policy without penalty. The amount of time you have varies by state. If you happen to find yourself in a high-pressure situation where you feel coerced into signing on the dotted line and then regret the decision the next day, you have a legal option to get out. You can return the policy to the company or the agent and get your money back. But don't wait too long. In Indiana, you only have 10 days, compared to California, where you get a 30-day free look period. 

Timeshares are a type of purchase that often buyers feel pressured into making and spend little time researching. According to Dr. Amy Gregory, an assistant professor at the University of Central Florida, 85% of all timeshare buyers regret their purchase. The high level of buyer remorse Gregory found was due to financial reasons (too expensive), confusion, misunderstandings about the commitment, and feelings of intimidation during the sales process. The disappointment that follows can create a sense of being trapped by a financial obligation that may not meet expectations. As with insurance products, consumers have the right to cancel certain contract purchases under state law, but the time is even shorter. In Indiana, consumer protection laws only provide a 72-hour cancellation period for a timeshare purchase compared to 7-days in California.

Whether you're thinking about buying a car, timeshare, piece of art, boat, or plane, take some time to make the decision. Make sure you consider the alternatives, and never let urgency rush you past your better judgment. The salesperson who tells you "this deal expires at midnight," and the eBay listing that seems too good to pass up are both counting on the same thing: that you'll act before you think.

My $14.02 aluminum sign now hangs in my kitchen, right where that vintage phone was supposed to go. Every time I glance at it, I smile, because of what it taught me. I got lucky that my financial lesson only cost me fourteen dollars and a little pride.

So before you click, sign, or shake hands, ask yourself one simple question: Have I spent enough time on this decision relative to what it's going to cost me? If the answer is no, step back. The phone, the car, the annuity, or the timeshare will still be there after you've done your homework. And if it isn't, that's probably a sign too.

Sources:

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