Second-Hand Vehicle Dealers Act 1995

A dealer must not, during the cooling‑off period in relation to a contract for the sale of a second‑hand vehicle—

sell or offer for sale the vehicle or an interest in the vehicle other than an option to purchase the vehicle if the contract for the sale of the vehicle is rescinded; or

offer for sale more than 1 option to purchase the vehicle.

A dealer proposing to grant an option to a person to purchase a second‑hand vehicle during the cooling‑off period in relation to a contract for the sale of the vehicle—

may require the person to pay a deposit towards the proposed contract price of the vehicle that does not exceed 2% of that price or $100, whichever is the lesser; and

must provide the person with a notice in the approved form—

advising that the vehicle is subject to a contract for sale and the person will only be entitled to purchase the vehicle if the contract is rescinded; and

containing other prescribed information.

The holder of an option to purchase a second‑hand vehicle subject to a contract for sale is entitled to a refund of any deposit paid in order to secure the option if, and only if, the contract for sale is not rescinded.