Purchasing a new vehicle is an important choice and consumers are routinely worried about being overcharged for their new car. How can consumers avoid the hidden fees and extra costs when shopping for their new car?
A new smartphone app from the Australian Securities and Investments Commission is now able to help consumers find a car they can actually afford.
ASIC Money Smart Cars allows car buyers to calculate the price along with ongoing running costs like registration, petrol usage and insurance.
Once your details are entered, you'll be given a total monthly cost and shown how much you’ll be set back over three years.
ASIC senior executive Laura Higgins said car yards make very little money from the car itself.
“They make all their money on insurance add ons, paint protection, those sorts of things,” she said.
“Take the time, slow down your decision and make sure it’s a car you can afford and you're not paying for more than you need to.”
Aside from purchasing a lemon, some of the biggest traps car buyers fall into are:
Read more here
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