There are over 20 million registered motor vehicles in Australia and according to online automotive marketplace Autotrader, 75% of Aussie drivers have purchased a used car at some point in time. However, that’s not to say that we are well-versed in haggling prices. In recent research commissioned by Autotrader and undertaken by YouGov, it was found that 64% of Aussie drivers between 22 and 54 feel very uncomfortable negotiating the price of a pre-loved set of wheels. Plus, 50% of Aussie drivers claim they aren’t very knowledgeable about cars at all.
Is a small vehicle on the cards for your next car purchase? If so, you’ve come to the right place. According to Carsales’ Best Small Car 2021 list, Mazda3 was named the best small car option for Australian consumers right now. Based on a number of categories like safety, technology, comfort and convenience, driving performance and ownership costs, there were nine winners in total this year. The 2021 Carsales list is as follows:
Itching to get your hands on a fresh set of wheels? Unless you are sitting on a whole bunch of savings, you may need a car loan to help you get there. There are two main types of car loans: a new car loan and a used car loan. Depending on whether you want a brand new or pre-loved ride, this will determine what sort of loan you take out. So where do car loan rates sit in August 2021? According to the Mozo database the average new car loan rate sits at 6.21%. Meanwhile the average used car loan rate sits at a slightly higher 6.71%. But who wants just average right? Check out some of these killer car loan deals and you could be hitting the road sooner!
Paying down your car loan early can be a great idea, but it also might not be. The truth is, in some cases clearing car loan debt can be a savvy option and can improve your financial situation. However, in others it can have the opposite effect and impact your ability to afford things or pay off other forms of debt. Essentially, it’s all about you and where you financially stand. So what’s the right choice for you? That’s where our pros and cons list comes in handy! Read on as we weigh up the advantages and disadvantages of paying off a car loan ahead of time…
Dreamt of owning a 1963 Mercury Comet ever since you first saw Peyton Sawyer cruise around in one in One Tree Hill? Or maybe a Little Red Corvette’s more your style? Well, now might be the time to turn that dream into reality.
It’s official, Aussie drivers are hitting the road Toyota style! Last week, market research company Roy Morgan announced that Toyota was Australia’s most popular car brand by volume of sales in 2020. “Australia’s largest car manufacturer Toyota has triumphed in the Major Car Manufacturer of the Year Award after winning 12 straight months during 2020,” Roy Morgan chief executive officer, Michele Levine said. “Toyota had an average customer satisfaction rating of 94% during 2020.” On top of that, car insurance provider Budget Direct painted a similar story for the beginning of this year. In fact, according to its latest Australian car sale statistics , Toyota maintained the lead in new car sales with 16,819 vehicles sold over January 2021. This is almost double the amount of the next most popular car brand Mazda, which recorded 8,508 new car sales for the month. Of the Toyota fleet, Budget Direct recorded that the Toyota Hilux was the most popular model with 45,176 new car sales over 2020. This is followed by the Toyota RAV4 (38,357), Toyota Corolla (25,882) and Toyota Prado (18,034). Plus, with the second hand car market currently booming, a bunch of second hand Toyotas have been sold around the country - which are not factored into the above statistics.
Yes you can! … if you’re the right type of borrower. According to the Mozo database, three car loan providers are offering fixed and variable rate options that start with a 3 right now. This is extremely competitive, as the current average variable car loan rate on our database is 6.68% across new and used vehicles. Here’s what’s on offer:
Used cars come with character, there’s no doubt about that. And the truth is, if you’re opting to buy through a private seller, it’s often the cheaper (and sometimes more convenient) option.
In this current low-rate environment, refinancing has become common practice for many home loan holders to shave thousands off their mortgage. But is refinancing your car loan a good idea? Let’s take a look at the numbers: Since 2016, there have been eight cuts made to the Reserve Bank of Australia’s (RBA) official cash rate. It now sits at an historic low of 0.10% from 2.00%. The current average variable car loan rate for new and used vehicles sits at 6.68%. When you compare that to the average rate at the same time five years ago, 7.82% - that’s a 1.14% difference. In the case of home loan interest rates, the current average variable rate is 3.30% from 4.72% five years ago. While that is a 1.42% difference, the small margin can make a significant difference because home loans are generally around 25 to 30 years. So the question is, should you refinance your current car loan? We’ve weighed it up.
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