Exchange my Apple Watch
How can I exchange my 5days old Apple Watch series 8 45mm to ultra?
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You will need to return the watch to whoever you purchased it from, in the original packaging with all accessories. Assuming you bought it from Apple, you have 14 days from date of purchase to return the watch and accessories for refund. You then can buy the model you want.
If you bought it from someone other than Apple, you'll need to check with them on their return policy.
Here is a link from Apple with more details --> Returns & Refunds - Shopping Help - Apple