The Actual Cost of Your New Car

Deciding on your new car purchase is an exciting yet daunting experience. It is easy to get caught up in the sales deals and added extras that you may miss the long term financial implications of your new car purchase. With additional taxes, loan against cars, available options on car loans like— car mortgage Australia, secured personal car loans; it can become even more challenging to negotiate the best car loan and deal.

Whether it’s a brand new or used car, there are many additional or hidden charges that aren’t always disclosed upfront. It is always advised to prepare yourself in advance before you start shopping around for the best car deal.

Stamp duty
It’s a general notion that stamp duty is only related to a home purchase, but it is also applicable to cars— be it used and/or new. Stamp duty taxes are set by state governments which means it varies from state to state. This tax is paid upon registering a car or applying to transfer its registration.

Vehicle inspection
If you are planning to purchase a used car, then a professional inspection is recommended to determine any mechanical problems. A mechanical inspection can cost a few hundred dollars which may seem expensive but it can save thousands on mechanical problems and repairs later on.

Third party insurance
Before you set off on your car driving experience, you will have to pay the cost of compulsory third party insurance (CTP). This insurance covers you against any injury or death as a result of accident. In many states, the cost is included in the registration fees itself but in Queensland and NSW, one can choose his/her own CTP provider.

Car Insurance
Though it’s not compulsory but it is always good to have an extra layer of protection on your new vehicle. One can choose from a various insurance options like comprehensive car insurance, third party property damage car insurance or third party fire. One of the most commonly used car insurance Australia is theft car insurance whereas comprehensive car insurance is the most expensive but offers maximum protection—almost all kind of damages, regardless of who is at fault.

Car finance
Before buying a new car one must consider a good car finance Australia option. The car finance option is essential when you don’t have sufficient amount of funds available to pay for your new car. A good car finance company Australia has the expertise to negotiate the best car loan—be it Car Mortgage Australia, Secured Personal Car Loans on your behalf, with low interest rates and quickest approvals. The qualified teams of brokers make your car buying experience smooth and hassle free.

Added extras
We often neglect additional charges for extras such as number plates, registration, dealer delivery charges. It is recommended to do thorough research before signing a deal and ask all the necessary questions.

Running costs
Everything from fuel to servicing costs, your car will start costing you the moment you start driving it. Smaller cars are more affordable as they are more fuel efficient and have less service charges, so you must keep all these aspects in mind before you start shopping around. 

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Created on Nov 9th 2017 06:15. Viewed 337 times.

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