Buying Used car while holding on to the current vehicle


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Cougar   
Member since: Mar 09
Posts: 89
Location:

Post ID: #PID Posted on: 29-06-10 08:16:14

I am not sure where else to post so i thought i would do it here. I am looking to buy a used vehicle and will sell my current vehicle after i purchase this one. Its just bad timing as i am getting the one i want but cant get rid of my current ride.

I am wondering what would be the best solution here. Should i transfer the plates to the new car and leave the old one un-plated until sold ? what should i do with insurance ? Is it smart to keep them both insured for now (i only have 3rd party)

One other item is what do i really need to get the car transferred to my name. I am trying to close the deal by tomorrow to save myself from HST. Is it even possible to have everything ready assuming that the car is saftied and certified ?

All suggestions are welcome.

Thank You



rajcanada   
Member since: Jul 03
Posts: 2713
Location: Kitchener, ON

Post ID: #PID Posted on: 29-06-10 09:40:18

You can leave the insurance and plate on it but then look to sell it soon. If you live in an apartment building you cannot leave any car without plate because their management will tow it right away.

If you live in a house, they you may have the option of storing the car without plates but you have check city bylaws.

For buying used vehicle from private seller, you need Used Vehicle Information Package signed by the seller, vehicle part of ownership signed by seller, safety and emission.


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