What must be included in a written vehicle purchase agreement?

The inclusion of the purchase price and terms of sale in a written vehicle purchase agreement is crucial because these elements establish the fundamental financial obligations of both the buyer and the seller. This agreement serves as a legally binding document that outlines what each party has agreed upon. By specifying the purchase price, the buyer knows exactly how much they are expected to pay, while the seller can confirm what they will receive in exchange for the vehicle. Additionally, the terms of sale provide clarity on payment methods, installment plans, and any deposits made, which are essential for avoiding future disputes. Detailed documentation of these specifics is vital in the buying and selling process to protect both parties and ensure transparency.