Generally, there is no federal or state right to cancel a consumer contract, however there are certain limited exceptions. That having been said, in CO there is no 3-day "cooling-off period" to cancel on a new or used car purchase (unless the car was sold away from the seller’s ordinary place of business, such as at a Stock Show or Auto Show; then the 3-day period applies).
Note: Your state does have a lemon law that protects a consumer from purchasing a defective new car. Under this law, a manufacturer may have to replace a new car if a defect cannot be corrected after 4 attempts or if the car has been out of commission for a total of 30 business days during the first year.
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