According to Consumers Affairs Victoria:
What does cooling off mean?
Cooling-off periods apply to cars and motorbikes bought from licensed motor car traders.
You have three business days (excluding weekends and public holidays) after you sign a contract to change your mind. This is your cooling-off period. However, if you choose to accept delivery of the vehicle during this three-day period, you will automatically lose your right to cool off.
Licensed motor car traders are required to include a prescribed information box in the contract of sale for each vehicle they sell, that sets out information about the cooling-off process.
A licensed motor car trader is not obliged to order a vehicle from the manufacturer before the cooling-off period expires. You should therefore clarify with the licensed motor car trader when you can expect to receive it.
Changing your mind
If you change your mind and terminate the sale agreement, you must do so in writing within the cooling-off period, and the licensed motor car trader may keep $400 or two per cent of the purchase price (whichever is greater).
It seems that the regulation is totally in the favour of the car dealers. How can it even be called "cooling off"?
How does everyone feel about it?