When buying your first car, think about the lifetime cost of the vehicle. In the short term, the price may seem pretty low. However, in the long-term, the lifetime cost of the car may be far more than you bargained for.
The lifetime cost of your car includes on-road costs, such as:
- Vehicle registration, and
- Car insurance.
Luckily, there are some great tools to help make things easier. ASIC's MoneySmart Cars app helps break down the true cost of buying and running a car. On the app, you can input loan options and other hidden costs to discover the lifetime cost of buying and running a car, as well as alternate finance options.