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Turns on for 5 sec with 1 beep then turns off with a click. Should I get my money back?

This is a common PS4 defect. You can try giving it a little whack/tap with the palm of your hand or a rubber mallet a few times (not too hard), turning it on its side a few times, unplugging the unit and plugging it back in again. Basically giving it a little jostle. If none of these fix it then you may have to return it. These have worked for some but not all with this same exact problem.