{"id":13996,"date":"2022-03-28T16:18:22","date_gmt":"2022-03-28T05:18:22","guid":{"rendered":"https:\/\/www.letsbemates.com.au\/mate\/?p=13996"},"modified":"2022-03-28T16:20:36","modified_gmt":"2022-03-28T05:20:36","slug":"budgeting-for-a-new-car","status":"publish","type":"post","link":"https:\/\/www.letsbemates.com.au\/mate\/budgeting-for-a-new-car\/","title":{"rendered":"Budgeting for a new car: 7 tips to consider"},"content":{"rendered":"

Are you keen to buy a new car? Don’t be surprised when the final price adds up to more than you were expecting. Here are some important things to consider before jumping in!<\/p>\n

Dealer Delivery<\/h3>\n

The dealer delivery fee varies depending on what state of Australia you purchase a car in. It\u2019s basically the fee charged to make the car \u201cready\u201d for sale and is set by the dealer. It covers things like the manufacturer’s delivery costs to you, including administration, detailing the car, compliance, and inventory costs like insurance and holding fees.<\/p>\n

Stamp Duty<\/h3>\n

You will have to pay stamp duty when you buy a new or second-hand car. Stamp duty is a form of tax and varies by state.\u202fThese differences can lead to significant fluctuations in total stamp duty. You should find out exactly how much you’ll need to pay and factor that into your upfront costs.<\/p>\n

Optional Extras<\/h3>\n

It looks like a great deal on paper, but when you get to the dealership, you realise that it doesn’t include all of those things you’ve promised yourself. The advertised price is probably for the cheapest version of the car. If the latest safety features, a plush interior and a sunroof are important to you, be prepared to pay more than the advertised price.<\/p>\n

It’s always best to do your homework upfront. Go online and look for cars with the features that you want. When you find your dream vehicle, you will be realistic about its market value. You can then plan and budget for it with greater confidence.<\/p>\n

Running costs<\/h3>\n

You may think because you can afford the purchase price, the running costs will be manageable. Don’t get caught out, especially with today’s fuel prices! Most vehicle membership organisations such as NRMA, RAA or RACV provide information about the running costs of modern cars. And you can use a car budget calculator<\/a> to work out what it will really cost you.<\/p>\n

Insurance<\/h3>\n

You will also need to factor in insurance for your new vehicle. Compulsory Third Party (CTP) insurance is a legal requirement but most owners will also add comprehensive insurance to protect their vehicle. Talk to our mates at Beyond Bank<\/a> about competitive vehicle insurance<\/a>. Keeping your loan and insurance all in one place will save you time and effort.<\/p>\n

Finance<\/h3>\n

You might be able to buy your car outright, or you may need a loan to stagger repayments and spread out the total cost.\u202f Our mates at Beyond Bank<\/a> offer a great range of\u202fcar loans and you can use their handy car loan calculator<\/a> to work out your best option.<\/p>\n

When selecting a loan, you also need to think about how you can structure your ongoing budget to meet the repayment obligations. Will you make weekly, fortnightly or monthly repayments, and how long is the repayment term?<\/p>\n

Other costs:\u202fHow long is a piece of string?<\/h3>\n

If you are buying a car from a dealer, then GST will be included. It is not payable on cars sold privately. And if you’re buying second-hand, an independent vehicle inspection is wise. It could save you a lot of money in the long run! Be sure to allow for unexpected costs too. It’s good practice to set away a bit of money each week as a buffer.<\/p>\n

And now it’s time to get out there and find that new car. Happy hunting!<\/p>\nIf you are ready to buy, Beyond Bank can help you get on the road sooner with a Low Rate Car Loan. Chat to Paul George<\/a> today.<\/em>\n","protected":false},"excerpt":{"rendered":"

Are you keen to buy a new car? Don’t be surprised when the final price adds up to more than you were expecting. Here are some important things to consider before jumping in! Dealer Delivery The dealer delivery fee varies depending on what state of Australia you purchase a car in. It\u2019s basically the fee…<\/p>\n","protected":false},"author":3,"featured_media":14001,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[29],"tags":[],"acf":[],"yoast_head":"\nBudgeting for a new car: 7 tips to consider | MATE<\/title>\n<meta name=\"description\" content=\"Budgeting for a new car? Don't be surprised when the final price adds up to more than you were expecting. 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