If you buy a car through a private sale, you have no rights to change your mind. If you buy through a licensed motor car trader (LMCT), you can change your mind - cool off - within three clear days of signing the sales agreement.
If you change your mind and terminate a new car sale agreement within the cooling-off period, the motor car trader may keep $400 or two per cent of the purchase price (whichever is greater).
In the case of a used car, or a new car sale conducted off-site (for example, if the trader brings the vehicle to your home or workplace), they may keep $100 or one per cent of the purchase price (whichever is greater) if you change your mind and terminate the used-car sale agreement.
Waiving your cooling-off rights to purchase a used car
A licensed motor car trader must give you the Licensed motor car trader form 4 (Cooling-off rights & waiver) (PDF, 66KB), before you sign a sale agreement. This form sets out your rights and explains the waiver (your right to forgo your cooling-off rights if you wish).
You should only sign the waiver form if the car is available for immediate delivery.
Remember, when you sign this waiver form, you forgo your right to the three-day cooling-off period.
As Victoria's consumer affairs regulator, we help car dealers, private sellers and car buyers understand their rights and responsibilities.