Managing Car Buyer's Remorse (2024)

FAQs

How to overcome buyer's remorse in a car? ›

Take your time. Do research, understand your budget, test drive different vehicles, and make a pros-and-cons list about the car purchase itself. Raising your concerns early on and reading the fine print in a contract can help prevent buyer's remorse.

Read reviews, compare alternatives, and ensure it fits your needs. Financial regret is a big part of buyer's remorse. Setting a budget and sticking to it makes you less likely to feel guilt or regret about overspending. Give yourself a "cooling-off" period, especially for more expensive items.

If you've purchased a new or used car and have second thoughts, you usually cannot return it. The dealer who sold you the vehicle is typically not legally obligated to take it back and issue you a refund or exchange after you've signed the sales contract. There are some exceptions to this rule.

The price is below market value: If the price of a used vehicle seems too good to be true, it probably is. Fraudsters will often post pictures of rare or exotic cars at low prices, and when you contact them about the vehicle, they'll say it's located in another state or outside the country.

The guilt comes from knowing you could have spent your money in a more productive manner. For example, if you sacrifice the quality of food at home for a car, you're going to feel guilty.

Unfortunately, there is no “right of rescission” when it comes to buying a car. Some dealers will have their own informal program so that after a couple of days if you do not like the car, you can return it, but that is up to the dealer.

It's common with major purchases, like real estate, boats, and vehicles, which often involve a long-term commitment. Before you purchase a new car, it's important to consider all your options, stick to your budget, and make the best decision to avoid buyer's remorse.

Buyer's remorse occurs if the homeowner is feeling one (or more) of these things: One of the main causes of buyer's remorse is financial stress. In fact, the said survey found that 30 percent of buyers said they spent too much money.

Reverse buyer's remorse (as I'm using the phrase) is a feeling of regret for NOT having decided to buy something.

What is the length of time for buyer's remorse laws? Per the FTC's Cooling-Off Rule, you have until midnight of the third business day after the date of a qualifying transaction to submit a cancellation notice. Other state laws may provide longer windows of time for certain purchases.

Can you return a car to CarMax after 3 months? ›

If you notice something that you didn't catch during the 24-hour test drive or you simply change your mind, you can return it within 30 days to the same CarMax location.

Many people believe they have a right to return a new or used car within three days of buying it. However, there is no state law that explicitly grants this right. Once you sign a contract, you are bound to the terms of that contract.

Use your best judgment; if a car looks or feels wrong, don't buy it. Look out for excessive rust, a worn tailpipe, or illuminated dash lights. During your test drive, pay special attention to how the car handles and sounds. If something's off, ask the seller and double-check the title and history report.

Based on your pricing homework, you should have a good idea of how much you're willing to pay. Begin by making an offer that is realistic but 15 to 25 percent lower than this figure. Name your offer and wait until the person you're negotiating with responds.

In most cases, you'll still need to negotiate the value of your trade, the cost of financing and the price of any add-ons. If a car is in high demand, a dealership can charge far more than the sticker price. When demand is lower, you can expect to pay less than the sticker price.

Buyer's remorse can be described as a feeling of anger, disappointment, or even depression after making a big purchase that you regret. It's common with major purchases, like real estate, boats, and vehicles, which often involve a long-term commitment.

As you're leaving the dealership (on good terms), give the salesperson your contact information and tell them you're still interested in the car—at your desired price. Tell them to reach out if they can meet that price. Add a little urgency by reminding them that you're shopping around, so you won't wait forever.

In nearly all situations, you won't be able to get back your trade-in, so it's important to be sure you're satisfied with the deal you're making when you sign over the papers to your old car. Dealers don't usually resell trade-ins themselves. Instead, dealers usually take trade-ins to auction for other dealers to buy.

The Cooling-Off Rule gives you three days to cancel certain sales made at your home, workplace, or dormitory, or at a seller's temporary location, like a hotel or motel room, convention center, fairground, or restaurant. The Rule also applies when you invite a salesperson to make a presentation in your home.