There is no buyer’s remorse, cooling-off, or right-to-rescind law that requires the seller of a used car to cancel the sale or accept the return of the car. When you sign the contract for the purchase of the car, you are legally obligated to the purchase. Because of the finality of the purchase agreement (or an offer, acceptance, and the exchange of the payment and the car), it is important to have the car inspected by an independent auto service technician, and carefully read and understand the agreement before you sign it or agree to buy the car.

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).

Used cars are generally sold and purchased “as is,” which means with all of the car’s defects and flaws, and with no warranty. In other words, it is generally caveat emptor—meaning “buyer beware!” But there are currently six states that have some kind of a lemon law (warranty) for used cars: Connecticut, Massachusetts, Minnesota, New Jersey, New Mexico, and New York.

In North Carolina, there is no specific buyer's remorse or cooling-off period law that allows a buyer to cancel a used car purchase once a contract has been signed. Once the buyer signs the contract and the transaction is completed, the buyer is legally bound to the purchase. It is crucial for buyers to have the vehicle inspected by an independent auto service technician and to thoroughly review and understand the purchase agreement before finalizing the deal. North Carolina does not require car dealers to offer a contract cancellation option for used cars. Typically, used cars are sold 'as is,' meaning the buyer accepts the vehicle with all existing defects and without any warranty, embodying the principle of 'caveat emptor' or 'buyer beware.' Unlike the six states mentioned that have lemon laws for used cars, North Carolina does not provide a statutory used car lemon law. However, buyers may still have some protection under the federal Magnuson-Moss Warranty Act if the car comes with a written warranty.