Slower vehicles may mean cheaper car insurance
Many people aspire to own a fast and flashy vehicle to take for a spin around town, but even if the initial outlay for such a machine is relatively low, Aussies that indulge themselves in this way may find they pay higher car insurance premiums.
Of course for some the price will be worth paying and for these people it may be a good idea to shop around and go online to compare car insurance to ensure the monthly payments are kept to an absolute minimum.
For the many who will prefer to keep their outgoings down – something particularly important given the uncertain economic climate – investing in a slower and safer automobile may be a wiser option.
Insurers tend to see these vehicles as representing a lower risk than their zippier counterparts.
It may also be worth investing in some extra security features, such as an alarm and immobiliser to make them harder to steal.
Aussies on a tight budget but who want to purchase a new vehicle might want to think about getting a Suzuki Alto, as the latest Driving Your Dollars survey by RACV revealed that this was the car with the lowest overall running costs.
Have a question about car insurance? Ask the money gurus at Mozo Answers.