I just bought a used Daiwa exceler on ebay, and it feels pretty good for the most part...casts long and smooth..

My problem though is that after the cast, when I go to engage the spool....30% of the time, it doesn't engage until after a couple turns on the handle.

Are these serious gear issues?? Do I need to try to get my money back..what do you guys think? Thanks!

I would just look to see if it has too much grease in it.  That's what it sounds like.  If it's new, I'd say get your money back, though.  You shouldn't have to mess with it if it's brand new.

It sounds like you have a problem with your clutch trip plate. Could be a spring issue on the plate not keeping tension or too much grease as Salamander said. Hard to say without seeing the reel, just taking a few guesses.

If you had serious gear issues you would know it the moment the handle was turned. It would not be smooth at all.