What you need to know about car buying and buyer’s remorse

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In Married with children, Peggy played by Katey Sagal is a housewife who loves shopping. If you watch the TV series, you’ll notice that Peggy is a thrill seeker who enjoys the excitement that comes with shopping. Even though most of the products Peggy buys are completely useless, she doesn’t care. She loves shopping too much.


Peggy is not the only shopaholic, however, and retailers are adept at attracting this group of customers and exposing their inclinations. In recent years, marketers have developed sophisticated strategies to appeal to this group of consumers, triggering their desire to make impulse purchases. Shopify reports that in January 2020, the average US consumer spent $155.03 per month on impulse purchases. In April 2020, the number jumped to $182.98 on impulse purchases each month. And another study shows that 87% of American shoppers make impulse purchases.

The automotive sector is aware of the trend and uses sophisticated sales and marketing techniques to attract and please customers. Automakers seek out consumers in their natural environment and entice them to buy their vehicles online, offline, and now, even in the metaverse. Nissan, for example, introduced the Nissan Sakura mini electric car at its global headquarters and the Nissan Sakura Driving Island in the Metaverse.

This strategy works since the average consumer keeps a car for 71.4 months, according to a study by RL Polk. But a car isn’t a sweater you get with $10 in sales at Target, it’s a substantial investment. Considering that the average price of new cars hit a record high of $48,043 in June, it’s safe to say that buying a new or used car is a big investment. So here’s what you need to know about car buying and buyer’s remorse.

Related: This Is Why New Car Sales Will Remain Weak Even If Supply Increases


Car Purchases and Buyer’s Remorse: The “Chill Out” Period

Retailers follow strict cooling rules in the United States. You are probably aware that strict laws require retailers to give consumers approximately 30 days to return the apparel product for a full refund. Imagine buying a ZARA blouse because you think it flatters your figure, but when you get home and see your reflection in the mirror, you find you don’t like the color, fabric or fit. The next day you decide to return it and get a full refund from the seller. If only it would be that simple with all our purchases!

Unfortunately, the purchase of automobiles does not follow the same procedure. Basically, if you acquired that 2023 Porsche 911 on a whim, then looked at your bank statements and realized your wife was going to divorce, you better have a backup plan because returning the car is easier said than done. to do.

“Generally, no federal law defines a return period after the purchase of a vehicle,” says Autotrader. “Unlike many retail markets, automobiles lose significant value as soon as they leave the lot. But the immediate depreciation of cars plays a vital role in consumer protection laws surrounding auto sales.

According auto trader, from the moment the buyer’s name appears on the vehicle registration document and both parties have signed the contract, the vehicle is no longer considered “new”. This implies that if the dealership recovers your vehicle, he will have to resell it as “used”. ” rather than a new car, which will result in significant losses for the dealer. Naturally, the laws protect companies from harm. Therefore, dealers are not required by federal law to give customers the ability to end the transaction. However, some dealerships may have return policies in place for specific car models. This goes without saying, but since return and refund policies differ between the 50 states, the Car buyers should confirm which ones apply to them.In some jurisdictions, consumers have additional rights.

It should be noted that the Federal Trade Commission’s Cooling Rule applies in certain situations. According to Federal Trade Commission, the cooling rule offers buyers three days to reverse certain transactions “made at your home, workplace, or dormitory, or at a seller’s temporary location, such as a hotel or motel room, convention center, exhibitions or a restaurant”. Additionally, the rule covers sales that occur at a party at your home. Some sales, however, are not included.

Related: 20 Things Every Driver Should Check Before Buying a Used Car

Car purchases and buyer’s remorse: the laws of the lemon

Here’s a different scenario: You buy a used car online that looks great in the ad, but when you get the car, you find out that it’s faulty or totally unsafe to drive. If you live in a state that has “lemon laws” in place, you can terminate the contract or get a replacement vehicle.

Unfortunately, not all states have “lemon laws” in place for used cars. The Lawyer magazine reminds readers that only six states have “lemon laws” in place for used cars, but all 50 states have “lemon laws” for new cars. Generally speaking, the best protection when buying a used car is a mechanical inspection and a test drive.

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