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MoneySmart: Car buying in Australia

Discussion in 'Money Management' started by Simon Hampel, 29th Sep, 2016.

  1. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    ASIC MoneySmart: Car buying in Australia

    Motor vehicle facts and figures

    Buying a car isn't just about shiny rims and fluffy dice - it is a major financial decision. This infographic shows how you can save money by using ASIC's MoneySmart Cars app and how many people own cars in Australia.

    ... read more
     
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  2. RoadofSilks

    RoadofSilks Member

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    Sorry for the ultra bump.

    But as for buying a car in Australia, it doesn't hurt to learn a bit of auto mechanics. I'm not talking about becoming a full on mechanic, but buying some tools and learning to wrench on cars DOES pay dividends in the future.

    Couple of my suggestions:
    • Never buy a brand new car- Newer cars are becoming more painful to do your own work on them.
    • Never Finance- This comes back to my first point. Now if you have a family and you NEED a family car, then I can understand chucking down a huge down payment on a family car, but if you're single and don't need a car like that, there is no excuse to finance.
    • Never buy European- European cars are NOTORIOUS for having issues. Plus they are too difficult to fix. Always look at buying used cheap kia's, mitsubishis, toyota's, madza's. JAPANESE and KOREAN. Repairs for European type cars cost arms and legs in the long run, especially as the car gets older.
    • Never Lease- This comes back to point 2, but leasing a car is worthless as you never own it.
     
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  3. twisted strategies

    twisted strategies Well-Known Member

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    if not planning long trips would an electric vehicle be an option ?

    i find the current expectation of electric vehicles to cross the Nullabor under their own power the stuff of dreams ( if you do it you won't like the travelling conditions .. no air con, no radio , no movies etc. ).

    an electric vehicle for shorter daily use should be ultimately cost effective
     
  4. RoadofSilks

    RoadofSilks Member

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    Repairs on electric cars can be expensive. When it comes up to doing the major service in them it can cost you an arm and a leg to fix. If you're looking for something cost effective, i'd just go a cheap 1.6L 4 cylinder.
     
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  5. twisted strategies

    twisted strategies Well-Known Member

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    they should NOT be expensive to repair , if designed well ( some will try to entrap the user just like big computer manufacturers have ).

    also if your electric vehicle will be better for shorter trips ( around your home-base ) so should travel less distance over a normal year ... no overheating at lights , no water pump failures etc.

    i suspect a bit of customer resistance will work very well of EV makers .

    now of course hybrids bring extra complexity to the game and that can be expensive
     
  6. RoadofSilks

    RoadofSilks Member

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    It depends, what electric vehicle are you looking at purchasing?
     
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  7. twisted strategies

    twisted strategies Well-Known Member

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    me purchasing ... probably none ( while i am on these medications )

    but if i did , i would probably select something rather basic , say 150 km range , , rain resistant and wind resistant ( and some lights if i need to travel after sunset . )

    i am into transport not lifestyles or fashion statements

    Mercedes and BMW will create something for those folk .
     
  8. Auto_King

    Auto_King New Member

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    We wrote an article on our website regarding Vehicle Pre Purchase Inspections. Always get a car checked out before you buy, NOT after.
     
    Last edited by a moderator: 2nd Aug, 2017
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  9. balwoges

    balwoges New Member

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    I bought a new Mazda 3 two years ago, I figured I would keep it for 10 years and it should be free of mechanical problems - I will really be elderly by then :( who knows what my needs will be then. Dont use it much as I live just up the road from Warners Bay/Lake Macquarie and shopping precinct and only need to fill up tank every 6-7 weeks :D
     
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  10. diagnostic

    diagnostic New Member

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    I think it ultimately depends on what you are after. A number of the super rich choose to invest their money rather than dumping it into a depreciating asset... There is nothing wrong with financing a car provided you have an exit strategy and a purpose.
     
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