Buying a car in Australia can be an exhilarating yet daunting experience. Whether you're hunting for your first set of wheels or upgrading to something newer and flashier, there's always that lingering fear of overspending or getting a less-than-stellar deal. Enter the Moneysmart Cars App, a handy tool developed by the Australian Securities and Investments Commission (ASIC) to make your car-buying journey smoother, smarter, and financially sound.
The Moneysmart Cars App is a free mobile application designed to help Australians make informed decisions when purchasing a car. Launched by ASIC, it’s part of the broader Moneysmart suite of tools aimed at improving financial literacy across the country. Specifically tailored for car buyers, this app provides a range of features that allow you to calculate the true cost of owning a car, compare financing options, and consider your ongoing expenses, all from the palm of your hand.
The app packs a punch with its array of features designed to demystify the car-buying process. Here’s a rundown of what it offers:
There are several compelling reasons to make the Moneysmart Cars App your go-to resource when car shopping:
Imagine you're in the market for a new car. You’ve found a sleek, shiny sedan that catches your eye. The price tag says $30,000, and the dealer offers you a finance package with a 5-year loan at a 6% interest rate. At first glance, this seems manageable.
Before committing, you whip out the Moneysmart Cars App. You enter the car's price, the loan details, and your expected running costs. The app calculates that with the interest, you’ll be paying nearly $35,000 over the life of the loan. It also adds in $2,000 per year for insurance, $1,000 for registration, $1,500 for maintenance, and an estimated $2,500 in fuel costs annually. Over five years, your $30,000 car balloons to nearly $50,000!
With this information, you might reconsider the deal, perhaps opting for a more affordable car or negotiating a better loan rate. The Moneysmart Cars App has just saved you from what could have been a financially straining decision.
The Moneysmart Cars App is a must-have for anyone looking to buy a car in Australia. By offering a clear and comprehensive view of all the associated costs, it empowers you to make informed, financially sound decisions. Whether you're buying your first car or your fifth, this app will help ensure you drive away with a deal that won’t haunt you for years to come.
And if you're serious about getting your finances in order, don't forget to check out Voosh Finance's Finance Insight Report. This free tool provides personalised financial advice tailored to your unique situation, ensuring you're always in the driver's seat when it comes to your money.
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