What does an Odometer Mileage Statement require from both seller and purchaser?

The Odometer Mileage Statement is a crucial document in vehicle sales as it provides important information regarding the mileage of the vehicle at the time of the sale. The requirement for the mileage shown on the vehicle's odometer ensures transparency in the transaction and verifies that both the seller and purchaser are aware of the exact mileage the vehicle has recorded.

Accurate odometer readings are essential for determining the vehicle's value, maintenance needs, and future resale potential. Misrepresentation of mileage can lead to legal issues or disputes following the sale. Simply put, the inclusion of this information protects both parties by establishing clear, factual details related to the vehicle’s usage history.

The other options do not pertain to the essential requirements of the Odometer Mileage Statement, making them irrelevant in this context. The color of the vehicle, the seller's previous purchase amount, and the purchaser's insurance details, while potentially useful pieces of information in a larger transaction context, are not mandated on the Odometer Mileage Statement itself.