50% of Aussies suffered a financial loss during COVID-19
New research from car subscription company Carbar found that one in two (50%) Australians suffered a financial loss during the COVID-19 pandemic.
The data comes from a study conducted with research firm YouGov which surveyed a representative sample of more than 1,048 Australians over the age of 18.
Interestingly, the study also revealed that despite this, three in ten (or 5.8 million) Australians still plan to buy a car in 2021. Of those surveyed, 34% plan to buy a second-hand vehicle this year, while roughly 22% want to buy brand new.
Compare car loans today - rates updated daily
New Car Loan
Including Demo, Fixed, Secured
Interest rate
comparison rate
Monthly repayment
4.67% p.a.5.22% p.a.based on $30,000
over 5 yearsNew Car Loan
Low fixed car loan rate for purchasing new and demo vehicles from dealers. There is no monthly or ongoing fees and early payout options available. Winner of Mozo's Experts Choice Car Loan 2021 award^.
- Interest rate
- 4.67% p.a.
- comparison rate
- 5.22% p.a.based on $30,000
over 5 years
- Upfront fees
- $400
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $700.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $100,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 5 Years
- Security required
- Vehicle
Read our Mozo Review to learn more about the loans.com.au New Car Loan
Car Loan
Fixed
Interest rate
comparison rate
Monthly repayment
4.89% p.a.to 8.89% p.a.5.44% p.a.to 9.46% p.a.based on $30,000
over 5 yearsCar Loan
Enjoy competitively low rate car loans from 4.89% (comparison rate 5.44% p.a.) between $10,000 and $100,000 for new, demo and used vehicles. Take advantage of flexible 3, 5 or 7 year loan terms. No early repayment or exit fees. You must be 21 years or over to qualify and earn above $35,000.
- Interest rate
- 4.89% p.a.to 8.89% p.a.
- comparison rate
- 5.44% p.a.to 9.46% p.a.based on $30,000
over 5 years
- Upfront fees
- $399
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $10,000.00
- Maximum loan amount
- $100,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 7 Years
- Security required
- Vehicle
Read our Mozo Review to learn more about the Plenti Car Loan
No Fee Secured Personal Loan
Interest rate
comparison rate
Monthly repayment
4.45% p.a.to 15.45% p.a.4.45% p.a.to 15.45% p.a.based on $30,000
over 5 yearsNo Fee Secured Personal Loan
Pay zero fees on loans up to $100,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your personalised interest rate in two minutes with no impact on your credit score!
- Interest rate
- 4.45% p.a.to 15.45% p.a.
- comparison rate
- 4.45% p.a.to 15.45% p.a.based on $30,000
over 5 years
- Upfront fees
- $0
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly
- Early repayment penalty
- 0
- Minimum loan amount
- $15,000.00
- Maximum loan amount
- $100,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 7 Years
- Security required
- Various
Read our Mozo Review to learn more about the NOW Finance No Fee Secured Personal Loan
To add to this, a significant 41% of Aussies don’t feel in control of their car expenses which are costing them $5,100 plus per year, or more than $9,000 a year for those paying off loans.
"These results show that transport and car costs are still a key consideration for Australians despite the hardship they endured in 2020,” said Carbar chief executive, Des Hang.
Aussies looking for more flexible alternatives to car ownership:
According to Carbar, approximately 2.2 million Aussie adults are keen to find more flexible alternatives to purchasing a car, like car subscription services (1 million people) for example.
Unsurprisingly, millennials made up the largest portion of those keen to try car subscription services.
Millennials, who are said to have been the hardest hit by COVID, tend to spend up to $7,300 per year on their car, according to Hang.
“Thousands more each than both Gen X and the Baby Boomers,” said Hang.
“For us, this shows a lack of awareness in the market around the true cost of owning a car, a point we are keen to champion and increase awareness on. Subscription is a flexible alternative to car ownership that can free up funds to service personal debt or gain greater control over your finances.”
Planning to upgrade your current set of wheels in 2021? Then check out our free car loan comparison tool to compare your options so you can find a competitive deal.