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What is a Used Car Cooling-Off Period?

What is a Used Car Cooling-Off Period

A cooling-off period can ease the used car buying process because buyers do not have the luxury of being the first owner or having peace of mind.

It provides buyers with a window to back out of the purchase for any reason.

While the cooling-off period is a great protection for the buyer, the sellers may feel it gives them false hope, making it less convenient and easier for them to close their sales.

As a registered motor dealer, we are not entitled to this cooling-off period ourselves, so any car sold to us is a “done deal.”

Cash For Cars Brisbane is uniquely qualified to assist buyers and sellers in navigating government guidelines for an effective and smooth sale.

Used car cooling-off periods in Brisbane?

Brisbane used cars cool off in one business day. It is possible to request a non-refundable deposit, but in most cases, the buyer is not responsible for any costs if the sale doesn’t go through.

If the sale does not proceed, the buyer will usually not be penalized.

Buyers who buy within 1 day of the purchase date may be entitled to the warranty over the weekend as long as it’s within the dealer’s business hours.

The Statutory Warranty document must be completed and provided to the buyer before these rules apply.

It is an essential document for both parties to have, as it provides the buyer with a seven-day cooling-off period if it has not been completed.

Is there a reason for cooling-off periods?

In used car sales, there are cooling-off periods, allowing buyers to obtain financing and evaluate the vehicle before making a decision.

It is usually cheaper to buy a used car, but it comes with the risk of not being a brand-new product.

Buyers get a chance to contemplate the purchase and decide whether or not the car is right for them.

To support the buyer through such a large purchase, cooling-off periods are common in the sales of big-ticket items.

Can new cars be cooled off?

A cooling-off period is not required for new cars. It only applies to used cars, according to the Office of Fair Sales.

Government guidelines do not protect you if you buy an old car, but rather the terms of your contract and the dealer.

Does every car purchase come with a cooling-off period?

As a result, Cash For Cars Brisbane is not entitled to a cooling-off period for customers who are motor dealers themselves.

There are some exceptions to this rule. When a sale passes through, it’s final.

For used car sellers, this offers a much more reliable and straightforward process than selling through other methods.

Your car is out of your hands when we inspect it and offer to buy it.

A cooling-off period is not available in the following circumstances:

  • In the case of an unregistered car purchase

  • If the buyer has already taken possession of the car (excluding test drives or inspections),

  • Whether the car is purchased privately, at auction, or on consignment

  • In the absence of a completed Statutory Warranty document

How do I cancel my contract during the cooling-off period for used cars?

Suppose the buyer wishes to cancel their used car purchase contract within one day of the purchase date.

In that case, they must send a written request to the seller by the end of the business day on the purchase date.

Remember that in this industry business days often include weekends.

Are you interested in selling your car?

Cash For Cars Brisbane strives to make selling your car easy and convenient.

You can enjoy an easy sale with on-the-spot payments when you sell with us, as all purchases of used cars are done through deals, so you don’t have to worry about a cooling-off period.

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