Buyer's remorse can often strike after a big purchase like a car. You won't find many dealerships eager to give you back your money, though. Although some dealers and manufacturer-certified used car programs may have policies that can get your money back, most used cars don't usually come with a money-back guarantee.
No money-back guarantee with most used cars. Regular used cars are typically sold as-is and there's no money-back policy when it comes to them. If you want to return a car you just purchased to the dealership, you're typically left selling it to them at a loss due to depreciation. However, some certified pre-owned vehicles are different.
Money-back options on certified pre-owned vehicles. CPOs are the cream of the crop when it comes to used cars and they generally have perks not found on most used vehicles. One of these is that some used CPO cars do come with a return policy.
Return policies are typically subject to dealership participation, and not all of them do take part. Those that do are franchised dealerships, and CPO return policies are typically only a few days – often three or seven. Some manufacturers only allow exchanges on CPOs and not a full refund.
Ford breaks away from the norm. One such program breaking out of the norm these days, though, is Ford's Blue Advantage. When you purchase a CPO car or truck Ford now offers returns for 14 days or 1,000 miles from the sale date.
This program is far and away the most time and mileage allowed on any return program. Dealership participation varies. Other automakers that allow some degree of return or exchange on certified vehicles include Acura and General Motors.
For the most part, a standard used car isn't able to be returned for your money back. Though some dealerships do participate in some guarantees, many requirements typically have to be met.
Save money by being prepared. Since there's never a guarantee that a used car will last or behave exactly how you want, the best bet is to be prepared for your car loan before you sign on the dotted line. Be sure to thoroughly inspect the vehicle, take it for a test drive, and pay to have a certified mechanic look it over before you buy. Remember, spending a little time and money upfront can save you a lot in the long run.