Does it have to be brand new?
Would you feel slighted if you received a “used gift” from a good friend? Like, they bought it for themselves, but didn’t like it, so they’re giving it to you.
Would the situation change your answer– formal gift vs. “hey, do you want this?”?
I think I’d only feel second rate if they tried to pass it off as a formal gift (birthday, Christmas, etc.).
How bout you?