We could use photos and more details, like the brand name, on the guitar.
In general, I've had good luck with inexpensive guitars, especially buying used "broken" guitars and fixing the usually minor things wrong with them.
As for a neck settling in, yes, this can happen with any guitar that's been subjected to considerable environment change, such as traveling on a ship from Shenzhen China, sitting off the California coast for a month or more, sitting in a non-climate-controlled warehouse for a while then traveling to chilly Idaho in a truck. Give it a bit of time to get adjusted.
Necks will also vary from time to time and need adjustment. Usually this is a rather long time for a guitar that has limited exposure to wide ranges in humidity and temperature.
But, if you're not happy with the feel of the neck and are otherwise unhappy with the guitar, send it back if that's an affordable option. If sending it back is expensive, then consider selling it to someone who makes a hobby out of working on misfit guitars.
Sounds to me like the nut is too high. You could take it off and sand some off the bottom.
The neck might bow with time. It also might twist.
If you want this guitar, it sounds like a good tech could set it up. But I agree with others that any name is better than no-name, and a $600 guitar is way more than twice the value of a $300 guitar. I'm hearing you may be a bass player, but you know what you need in a guitar. Send this one back and get it.
Thank you guys for all your input.Because the guitar is not a real Tele I was almost too embarrassed to even ask but I have the problem solved and I want to give you an update. This is going to be a longer post I hope I'm not boring you guys to death with it LOL.
The neck was completely straight and I dialed the trussrod back until the nut seemed loose.The neck was still straight so I couldn't lower the saddles unless I put a shim at the front of the neck pocket. I tried to unscrew the trussrod nut more and all of a sudden it caught again and I could make more relief.
That made a huge difference and now the action is perfect for me. After shaving the nut down I got it tolightly less than 1/16th all across at the highest fret. The high E buzzes a little bit but it's still OK. I'm totally happy with that,so I'm keeping her.
I have two Tele's now. Both are Indios from Monoprice. The black one I got first it's a "Classic" and I paid 89.- for it with a nice softbag. It needed a lot of work. I changed absolutely everything on it.I installed EMGs and replaced all the hardware,new pickguard, did some fretwork, reshaped the neck and the headstock etc. It turned out great. I enjoy doing that sort of thing. I'm a bassplayer and many of us are geeks. I have done that type of mods to many of my basses.
The blond one is an Indio "DLXplus" with all Wilkinson hardware and pickups and it comes with compensated saddles and is supposedly setup buy a luthier in California and that's why it is 199.- w/bag. The fretwork they did was absolutely great. The neck is kind of fat, I might reshape it,install a graphtech nut maybe some other little things. The setup could have been better but now that I solved that trussrod problem I'm really happy I have that second Guitar.The two Teles are very different from each other. Mainly because one is active the other is passive. The black one is basswood the blonde is ash.
Why in the world did I buy two Indio teles?
I had bought a Chinese Stage Right 50W all tube combo amp from (398.-). It had good reviews on Youtube had all Ruby tubes and a Celestion speaker and it sounded good. When I got it, the box it came is showed that it had a really rough ride to my house.But the amp worked and it did sound great, so I kept it. 6 months later it just died. It was under warranty but I did not want another one so my other option was "Store Credit". The Indio Teles were something they had that I kind of liked. If anything, they would make nice wall decorations. But they turned out to be a good buy they are fun projects. They play and sound great. And they do look good hanging on my wall. So that's my story. here is a picture.
Thanks again for all your responses to my original question
I feel that one of the points of going for Telecaster is its simplicity and possibility for setting up right by the owner without having to take the guitar to luthier.
I got my Tele type guitar for £50, and it had lots of problems - high action, bent neck and buzzing. But with a bit of work and a set of new strings, it is now perfectly set up, and became one of the best guitar to play amongst the other more expensive guitars I have.
If you could work on it, and set it up right, then I would keep it. If not, then return it for full refund, and go for something else.