Buying a car is an exhilarating experience, but sometimes, the excitement quickly fades. You might find yourself questioning your decision and wondering, can you return a car you just bought? Generally, the answer is no, but there are specific situations where returning a car might be possible. Understanding these scenarios and knowing your options can help you navigate this tricky situation effectively.

When You Might Be Able to Return a Car

Although you typically must keep a car once you’ve signed the purchase contract, there are some circumstances where you might be able to return a car you just bought.

The Car Turns Out to Be a Lemon

If your new car has significant factory defects, it might qualify as a lemon under your state’s “lemon law.” These laws protect consumers from vehicles with substantial mechanical issues that affect their use, value, or safety. To be considered a lemon, the defect must usually be discovered within a specific period, and you must give the dealer a reasonable opportunity to repair the vehicle.

If your vehicle meets the lemon law criteria, you can generally exchange it for a new car or get a refund. This refund often includes the purchase price, sales tax, registration fees, towing costs, legal fees, and rental car expenses.

Can you return a car you just bought? Yes, if it qualifies as a lemon under state laws.

There’s a Return Policy

Some dealerships and online car sellers offer return policies allowing you to return a vehicle within a certain timeframe. For example, CarMax, AutoNation, and Carvana provide return policies for both new and used cars, usually ranging from five to ten days. Carvana even lets you return and exchange up to two vehicles.

These return policies typically have restrictions, such as limits on damage or mileage.

Can you return a car you just bought? Yes, if the dealership has a return policy and you meet its conditions.

Your Financing Falls Through

Dealerships often offer conditional financing, also known as spot delivery, allowing you to take the car home before your loan is officially approved. If the financing falls through, the dealer might request a larger down payment or propose less favorable loan terms. You are not obligated to accept these new terms and can return the car and get your down payment back.

Can you return a car you just bought? Yes, if your financing falls through and you cannot agree on new loan terms.

When You Can’t Return a Car

Returning a car typically involves significant work for the dealership, such as canceling loans, reclaiming the title, and reversing sales commissions. Unless the dealership makes an exception, you generally cannot return a car for the following reasons:

You Regret Your Choice

It’s common to experience buyer’s remorse, especially after a high-stakes purchase like a car. You might feel regretful if you were swayed by sales tactics or simply overwhelmed by the many options. Maybe you intended to buy a practical family car but ended up with a flashy convertible. Unfortunately, dealerships usually don’t accept returns for buyer’s remorse.

Can you return a car you just bought? No, not if you simply regret your decision.

The Loan Is Too Expensive

Financial situations can change rapidly due to job loss, divorce, or other unexpected events, making car payments suddenly unaffordable. You might also realize after the fact that the loan terms are less favorable than expected. However, dealerships typically do not allow returns just because you find the loan too expensive.

Can you return a car you just bought? No, not because the loan is now unaffordable.

How to Avoid Car Buyer’s Remorse

Prevent buyer’s remorse by approaching car buying with careful planning and thorough research. Follow these steps to make a well-informed decision:

1. Set a Budget: Determine your spending limit by evaluating your income and expenses. Include all related costs like insurance, registration, and maintenance in your budget.
2. Research Cars: Identify vehicles that fit your needs and budget. Visit automotive websites, read reviews, and test drive different models.
3. Compare Prices and Offers: Check market prices and look for special deals or financing options to ensure you get the best value.
4. Use a Car Payment Calculator: Tools like Experian’s calculator help you understand how various loan terms affect your monthly payments.
5. Check Your Credit Score: Review your credit report for accuracy and improve your score if necessary. A higher score can secure better loan terms.
6. Get Preapproved for a Loan: Obtain loan preapproval from banks or credit unions to avoid relying on dealership financing. This gives you stronger bargaining power.
7. Be Ready to Negotiate: Use your preapproval to negotiate better terms or prices at the dealership. Don’t hesitate to walk away if the deal doesn’t match your budget.
8. Read the Contract Carefully: Before signing, review the contract to ensure it aligns with what you agreed to. Question any unclear terms or additional charges.

Can you return a car you just bought? It’s better to avoid needing to by making informed decisions from the start.

What to Do With a Car You Don’t Want

If returning your new car isn’t an option, consider these alternatives:

1. Sell the Car: You can sell the car privately, though you might sell it for less due to immediate depreciation after purchase.
2. Trade In the Car: Trading in your car at a dealership might be simpler than selling it privately. However, you’ll likely receive less than what you paid, and any remaining loan balance may be added to a new loan.
3. Refinance Your Loan: If payments are too high, refinancing could lower your costs. Typically, you need to wait a few months after the initial loan to refinance, but this varies by lender.

Can you return a car you just bought? Not usually, but these options can help manage a car you no longer want.

The Bottom Line

Returning a car you’ve just purchased is usually not an option. To avoid regrets, ensure your credit is in good shape, thoroughly research vehicles and financing options, and plan your purchase carefully. Making informed decisions will help you choose the right car and loan for your needs, minimizing the chances of needing to return a car.

Can you return a car you just bought? In most cases, no. However, with careful preparation, you can make confident car-buying choices and avoid the need for returns altogether.

If you ever need expert assistance or guidance on your credit journey, don’t hesitate to reach out to the Nerds! Additionally, stay updated with the latest tips and information by following us on Facebook, Instagram and TikTok!