10 Things People Do When They Regret Their Impulse Car Buy

Regardless of how old you are, buying a car and immediately regretting your decision is one of the worst feelings in the world. What should you do if you realize you’ve made one of the biggest mistakes of your life? Recently, people discussed finding answers to this question as they revealed their wisdom for navigating the fallout of an impulse car buy.

1. Talk to the Dealership

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Realizing you just agreed to a nonsensical automobile purchase is one of the worst feelings you can have. According to one person, your best bet is to contact the dealership and beg for mercy. “Go back to the dealer immediately; tell them they can keep your down payment, but you want them to take the car back and cancel that loan immediately,” advises one savvy woman. It’s a long shot, but you shouldn’t take any option off the table.

2. Talk to a Lawyer

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Unfortunately, it may be time to lawyer up. But before you proceed with legal action (or legal protection, in your case), you have to weigh the cost of hiring a lawyer against what the car is worth. If it’s worth the fight, then by all means, you should tackle this head-on with an attorney by your side. If it’s not, the next option will be your best bet…

3. Accept Your Fate

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Listen, you made a mistake. Own up to it and take the necessary steps to move on with your life. Accepting when you screw up is a crucial life lesson, and at the very least, you’ll know how to avoid horrible financial decisions in the future. After all, it’s not like you completely ruined your life; you have a new car, right?

4. Use Your Experience as a Learning Tool

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Hopefully, you can use your bonehead decision to buy a car you can’t afford as an impetus to affect change for the greater good. You can use this horrible financial decision to motivate others to be more responsible than you ever could be. Whether it’s family members or friends, your experience can serve as a cautionary tale of what not to do. In a way, it’s cathartic.

5. Refuse to Honor the Terms of the Contract

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There’s no shame in vehemently denying you agreed to any contract terms! If you want to fight fire with fire, feel free to do precisely that. One person puts it all into perspective. “Sometimes, car dealerships don’t want the hassle of going to court with someone they didn’t even know existed two days ago,” reveals one man. “I’ve heard stories of people refusing to honor the terms of the contract, and as long as the loan hasn’t been transferred to the bank, most dealers won’t bother with litigation.”

6. Learn From Your Mistakes

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Face it: You made an awful, terrible decision. At some point, you need to be held accountable for your actions, and purchasing a car you immediately regret will teach you valuable life lessons. Hopefully, you’ll emerge from this financial catastrophe as a better person and can learn from your past mistakes moving forward. Don’t worry; we’ve all been in your shoes; things will improve!

7. Sell the Car for a Loss

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Sometimes, you have to suck it up and move on. Fortunately, if you immediately sell your car a few days after purchasing it, you can recoup most of your investment. “Honestly, your best bet is to immediately sell the car to CarMax or somewhere and try to recoup as much of the cost as you possibly can,” confesses one woman.

8. Negotiate Your Heart Out

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Ultimately, it may be time to negotiate your butt off in hopes of securing better loan terms. While this strategy rarely pays off, it’s nevertheless worth trying if your back is against the wall. Against all odds, some banks and dealers will renegotiate their purchase contracts and loans under extenuating circumstances! It’s worth a shot, right? (Still, I would get my hopes up.)

9. Check Your Local State Laws

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Interestingly enough, a handful of states in the U.S. have a grace period that allows you to return the car. These “buyer’s remorse” laws protect people like you from making decisions that can significantly alter their financial future! “A few states have buyer-friendly laws that allow a grace period after purchasing a car,” explains one man. “If you’re in one of the states that allows you to change your mind within 72 hours, you’re golden.” Do your due diligence, and perhaps you’ll get lucky.

10. Ask For Help From Friends and Family

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When all else fails, it’s often best to turn to your friends and family for advice or financial assistance. Many men and women confess their families were happy to help when they made regretful financial decisions, and as long as you’re heart is in the right place, you’ll be surprised how many people you know come out of the woodwork to help someone they love!