So you’ve been driving your vehicle for quite a while, and you’re finally ready to sell it off for something shiny and new. You’re probably excited at the possibility of your new ride, and ready to get behind the wheel but, before you do, you’ll need to know how to get out of the one you have. A lot of paperwork goes into a car sale. Along with bills of sale and title transfers, you may also need an odometer statement certifying the actual mileage of your car.
Why an Odometer Reading Disclosure is Necessary
An odometer reading disclosure is an important part of a vehicle sale. Without it, a buyer has no way of knowing if the odometer has been tampered with, meaning the car actually has higher mileage than the seller is claiming that it has. When a seller provides an odometer statement, the buyer can rest assured that they are protected against fraud and that the car they are buying is what it appears to be.
What a Statement Includes
An odometer statement certifies much more information than mileage. The statement also includes data about the year, make and model of the car, as well as the VIN. For the protection of the buyer, the statement also includes the current address of the seller and a signature that confirms that all of the information given is true and accurate at the time of the signing. There is also a section to be filled out by the buyer including some basic demographics and a signature indicating that he trusts in the veracity of the seller’s statement and is willing to buy the car in its reported condition. The whole process is quite easy and a good way to protect both buyer and seller. However, it also represents another time-consuming step in the sales process, so you may want to explore the option of exemption.
There are some instances where an odometer statement need not be added to the mountain of paperwork that accompanies the sale of a car. In some states, a seller is exempt from providing an odometer statement if the vehicle weighs less than a certain amount. Usually, this baseline weight is high enough to exempt all personal vehicles. Another exemption may be granted if the car is more than 10 years old. After all, a car that old potentially has issues beyond high miles and the buyer will understand that “As Is” really means “As Is”.
An odometer statement truly is a helpful instrument to have, especially if you are a buyer. It offers an extra layer of protection that the vehicle being purchased is as advertised. As a seller, you may want to consider offering this statement, even if it’s not required, to help you convince the buyer that he can purchase from you with confidence.