What Car? Q&A - Can I get out of a sales contract?

Q: If you sign a sales contract to trade in your old vehicle and pay the balance, is there a cooling-off period in which you can cancel? Can you sell your old vehicle elsewhere if you get a better offer even after you have signed?
Eddie

A: The problem you are faced with is that cooling-off periods may only apply to deals finalised away from the business premises of the creditor - for example a door-to-door salesman. With car sales, the deal has more than likely been agreed within the creditor's premises, so a cooling-off period won't apply.

Selling your old vehicle after signing an agreement with a creditor is also not recommended. You are breaching a binding contract and are at risk of being sued by the creditor for the balance under the terms of the Sale of Goods Act 1979.