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 Mexico (NM), there is no statutory right for a buyer to return a used car after purchase simply due to a change of mind, commonly referred to as 'buyer's remorse.' Once a contract for the purchase of a used car is signed, the buyer is legally bound to the terms of the agreement. This underscores the importance of a thorough inspection by an independent auto service technician and a careful review of the purchase agreement before finalizing the sale. While some states may offer a contract cancellation option for an additional fee, allowing the buyer to return the car within a specified short period, New Mexico's regulations do not mandate such an option. Used cars in New Mexico are typically sold 'as is,' meaning the buyer accepts the vehicle with all existing defects and without any warranty, unless otherwise specified in the contract. However, New Mexico is one of the few states that have a used car lemon law, which provides some warranty protections for used car buyers under certain conditions. This law requires dealers to provide a limited warranty, covering specific vehicle defects that may arise after purchase, for a designated period or mileage.