There is no buyer’s remorse, cooling-off, or right-to-rescind law that requires the seller of a new or used car to cancel the sale or accept the return of the car. When you sign the contract for the purchase or lease of the car, you are legally obligated to the purchase or lease. Because of the finality of the lease or purchase agreement, it is important to carefully read and understand the agreement before you sign it—and to determine whether buying or leasing the car is a good financial decision for you. Some state laws require car dealers to offer extra protections for buyers of used cars—such as a contract cancellation option agreement that the buyer may purchase for an additional fee, and that will allow the buyer to return the car and cancel the contract within a short period of time (2 days).

In New York, there is no statutory right to cancel a car purchase or lease once you have signed the contract, commonly referred to as 'buyer's remorse.' Once the contract is signed, the buyer is legally bound to the terms of the purchase or lease agreement. New York law does not mandate a cooling-off period or a right-to-rescind for car sales, whether new or used. However, some dealers may offer their own return policies or contract cancellation options, which can sometimes be purchased for an additional fee. These policies, if offered, allow the buyer to return the car within a specified short period of time, but they are not required by state law. It is crucial for buyers to thoroughly review and understand the contract before signing and to consider the financial implications of the transaction. Buyers should also inquire about any return policies or optional contract cancellation agreements that the dealer may offer.