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 New York, there is no general buyer's remorse law that allows consumers to cancel a used car purchase once the contract has been signed. When a contract for the purchase of a used car is signed in New York, the buyer is legally bound to the terms of that contract. It is crucial for buyers to have the vehicle inspected by an independent mechanic and to thoroughly review the contract before finalizing the purchase. New York is one of the few states that have a used car lemon law, which provides some protection to consumers. Under the New York Used Car Lemon Law (Article 11-A of the New York General Business Law), if a used car that costs more than $1,500 or has less than 100,000 miles on it fails to meet certain quality standards within a specified period or mileage after purchase, the buyer may be entitled to a refund or replacement. However, this law does not provide a 'cooling-off' period for buyers to change their minds post-purchase. Therefore, the principle of 'caveat emptor' or 'buyer beware' is particularly relevant in used car sales in New York, emphasizing the importance of due diligence by the buyer.