If you’re new to the used car market, buying a used car can seem like a pretty big deal. Because of this, knowing a few key terms can make a world of difference between getting a great deal and making a costly error. These terms will help you make a more updated and secure purchase if you’re looking to buy a used car in Australia.
Must-Know Used Car Terms When Buying Used & Second Hand Cars for Sale
- Roadworthy Certificate (RWC) – Prove the car is safe to drive, covering brakes, tyres, and suspension.
- PPSR (Personal Property Securities Register) – Check if the car is stolen, under finance, or involved in legal issues.
- Statutory Warranty – Covers specific flaws for a set period of time if you purchase from a licensed dealer.
- Depreciation – The value of used cars goes down more slowly than that of new ones in Australia. This decline in value is explained by the term.
- Odometer Tampering – Look for discrepancies in mileage. Wear and tear should correspond with what the odometer is showing.
- Car History Report – A car history report can help identify hidden problems. This is done by exposing previous collisions, write-offs, and mileage.
- Stamp Duty – Stamp duty is a tax charged by the location and value of the vehicle. This is paid when ownership is transferred.
- Registration Transfer – Transfer ownership of a car into your name legally. This requires payment, documentation, and prompt post-purchase completion.
- Third-Party Insurance – Covers damage to other’s property or vehicles but not your own. Basic but essential protection.
- Comprehensive Insurance – Covers theft, damages, and accidents. Provides full protection and peace of mind for your vehicle.
Also Read– Pre purchase inspection vs Roadworthy check, how do they differ?
Make a Smart Purchase
Having a basic understanding of these terms helps the process of purchasing used cars in Australia. However, it can still feel risky even with this knowledge. This is something Greasemonkey Inspectors can help you with. Feel secure in your choice, book our pre-purchase inspections in Melbourne.