Looking for some new wheels?
Whether you’re looking for your first car or you need to upgrade to a larger model, buying a vehicle is a big financial decision. Our handy guide is full of tips to help you get on the road.
Instead of falling in love with your dream car then stretching yourself to pay for it, think about what you can afford comfortably. Before you start test driving vehicles, do some research about the type of car you are looking for so you know what to expect in terms of price and value for money. You’ll also want to factor in the extra costs of owning a car, such as registration and insurance.
Costs to consider:
- Stamp duty
- Road side assistance
- Dealer deliver fees
* The graphical representation of loan calculations is not precise and is representational only.
The calculations provided are estimates only and based upon the information entered into the calculator by the user. The calculations do not include upfront or continuing credit fees and charges. The resulting calculations do not constitute a loan application or variation to an existing CUA facility, loan offer or loan approval.
When it comes to choosing a car, what should I look at?
Just like any financial decision you make, it’s worth taking the time to research all your options. It can be easy to get caught up in the excitement, so writing down exactly what you want can help you stay on track. Keep in mind too that the size of the engine and the car’s fuel efficiency will continue to affect your running costs for the life of the car.
When you’re setting your budget and considering what type of car you need, you’ll also need to decide if you want a new car or a second hand car.
New vehicles Show content
- New car warranty
- Modern features and customisations available
- May include roadside assistance
- More expensive
- Value depreciates faster
- May be tied to specific mechanics to maintain warranty (which can be expensive)
Used vehicles Show content
- Get more for your money
- Value won’t decrease as rapidly
- Huge range to choose from
- May attract a higher interest rate if you borrow to pay for it
- Unsure of previous owners
- May have problems you aren’t aware of
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What are 'on-road' costs? Show content
If you’ve purchased your car at a dealership, you’re required to pay ‘on road’ costs before you drive away. These can include registration, insurance and stamp duty.
How does colour affect value? Show content
You need to find a car you’ll love to drive, but keep in mind you may one day want to sell it. White, silver and red cars tend to maintain their value because the colours appeal to a broader audience and they don’t date like other shades can.
What about dealer finance? Show content
If you need extra money to fund your car, the decision to borrow should be well researched and considered. Some car dealerships offer finance that sounds too good to be true, and it probably is. Look out for balloon payments at the end, monthly fees and penalties for paying it off early.
What's a comparison rate? Show content
Comparison rates can be a handy tool to help you identify the true cost of a loan because they include the interest rate of a loan plus all the fees and charges relating to that loan, like establishment and monthly fees. These are combined into a single percentage figure based on a defined loan term and loan amount – helping you to compare loans (‘apples to apples’).