Ditch the car to save bucks

Mozo

Wednesday 24 December 2008

Consumers who are feeling a little hard up on the cash front at the minute may do well to have a good think about ditching their motor, the New York Times reports.

“Foreign or domestic, it doesn’t matter. It’s a cash guzzler and it is probably costing you more than anything else except your home,” said the paper, urging people to consider the costs of both purchasing a vehicle and the day-to-day running costs.

It warned that shelling out for a new auto is likely to be a particular burden for those who front the cash with a car loan, as they will pay substantially more over time as interest mounts up.

The paper went on to warn that while motorists might be feeling a little relief at the pumps presently, it is unlikely that the deflated gasoline prices will remain the norm for long.

Meanwhile, many parties here in Oz are growing increasingly concerned about whether people will be able to get hold of a car loan to buy a new vehicle in the first place.

The government is currently mulling over proposals to establish a car loan pool that dealerships could dip into to make sure they are able to lend in these difficult conditions.ADNFCR-1761-ID-18947262-ADNFCR

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