Buyer’s remorse can often strike after a big purchase like a car. However, you won’t find many dealers willing to give you your money back. Although some dealerships and manufacturer-certified used car programs may have policies that can get your money back, most used cars typically don’t come with a money-back guarantee.
No money back guarantee with most used cars. Regular used cars are generally sold as is and there is no refund policy when it comes to them. If you want to return a car you just bought to the dealership, you usually have to sell it at a loss due to depreciation. However, some Certified Pre-Owned vehicles are different.
Refund options on Certified Pre-Owned vehicles. CPOs are the creme de la creme when it comes to used cars, and they generally have advantages not found on most used vehicles. One of them is that some used CPO cars come with a return policy.
Return policies are generally subject to dealer participation, and not all participate. Those that do are franchise dealerships, and CPO return policies typically only last a few days — often three or seven. Some manufacturers only allow exchanges on CPOs and not a full refund.
Ford breaks with the norm. One such program that is breaking the norm these days, however, is Ford’s Blue Advantage. When you buy a CPO car or truck, Ford now offers returns for 14 days or 1,000 miles from the date of sale.
This program is by far the most time and mileage allowed on any return program. Dealer 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 cannot be returned for your money. Although some dealerships participate in certain warranties, there are usually many requirements that must be met.
Save money by being prepared. Since there’s never a guarantee that a used car will last or perform exactly the way you want it to, it’s best to be ready for your car loan before you sign on the dotted line. Be sure to inspect the vehicle thoroughly, take it for a test drive, and pay for a certified mechanic to examine it before you buy. Remember that spending a little time and money up front can save you a lot in the long run.