The phrase "cooling off period" generally refers to the short time (a few days) after purchasing a big ticket item (e.g., automobile, boat, etc.) where the excitement from such a purchase can wear off. Sometimes referred to "buyer's remorse," the purchaser may realize that they don't need, don't want or can't afford the item they bought.
All states have laws regarding the cooling off period regarding new cars, even if the law states that there is no cooling off period (California). For those states that do have such laws, one may return the new car to the dealer assuming:
* The time between purchase and return is no more than a few days (generally auto dealers use three unless state law requires otherwise)
* The mileage put on the car is minimal (otherwise, the auto dealer cannot resell the car as new)
Now, most reputable dealers WILL allow you to return a new car within a day or two, without regard to state law, so long as the mileage put on the car is very low.
The real truth:
Absolutely none of the above answer is true and is nothing more than a myth. There is no cooling off period, or buyers remorse, on the purchase of a new car in any state in the United States. Those laws only apply to unsolicited sales. An example is a door to door salesman or something bought from a telemarketer that calls you. Once you buy the car it automatically becomes a used car and the dealer can no longer sell it as a new car no matter if you only drove it 1 mile. It therefore looses a good bit of it's value. Unless the dealer is offering some special sale and is willing to take the car back in a set amount of time it is your car. You bought it, and you own it and you most certainly cannot return it for a refund. There are lemon laws in place in most states that protect you if the car is a lemon. If the car qualifies as a lemon in your state you can get a replacement car. But do not believe the myth that you can buy a new car and then just return it because you don't like it or wish you had not bought it. You can't plain and simple.
Many people mistakenly believe there is a "cooling off period" for purchases. This cooling off period supposedly gives you the chance to change your mind and cancel a purchase, like a car. There is no cooling off period on the purchase of an automobile, unless it is in writing from the dealer and he agrees to this. Otherwise you bought the car and you own the car. You have no legal right to return it.Many people mistakenly believe there is a "cooling off period" for purchases. This cooling off period supposedly gives you the chance to change your mind and cancel a purchase, like a car. There is no cooling off period on the purchase of an automobile, unless it is in writing from the dealer and he agrees to this. Otherwise you bought the car and you own the car. You have no legal right to return it.
There is no cooling off period on the purchase of an automobile. Once you buy the car, you own it, and you will only be able to return it if the dealer agrees. They will never agree on a new car purchase, but on a used car they may, if you ask very nicely and buy a different car from the same dealer. So, ask the dealer and be very, very, nice about it. Legally they do not have to do anything.
The cooling off period or buyers remorse laws do not apply to the purchase of a vehicle in any state. Once you buy a car it is yours and you cannot return it. If it is a new car it becomes a used car the instant you drive it off the lot and is worth far less than when you bought the car. On a used car the dealer might let you return it if you ask very nicely. It is nothing more than a myth that these laws apply to the purchase of a vehicle.
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