A car is the best option for the majority of people, according to a new report by the Australian Financial Council.
The report by independent expert, consultant and research manager, Michael Mancini, looks at the best cars for second hand cars, car insurance and vehicle repairs.
“A second hand vehicle can be a significant cost to the taxpayer, but it is a very reliable vehicle,” Mr Mancinis said.
“The main benefit is a longer period of ownership for the taxpayer.”
When the car is new, you have a lower chance of needing a car insurance policy.
“The report found that only 30 per cent of second hand owners said they would consider buying a new car, with 25 per cent saying they would buy a second hand Toyota Prius, which is cheaper than a new Holden Commodore.”
That’s the first time we’ve done this sort of study, and I think that’s really important because we’ve really got to make sure that our second hand insurers are paying out on the value of what they buy,” Mr Kavanagh said.
The financial council said the second hand market is growing at an annualised rate of more than 50 per cent, which should help the economy.”
Second hand cars have a very high degree of affordability and the benefits of having a second-hand car are great for people,” Ms Richey said.
Topics:consumer-finance,business-economics-and-federal-policy,health,consumer-protection,finance-and_finance_and-implementation,consumer,health-policy-and.relations,healthcare-facilities,consumers,second-hand,healthy-products,car-insurance,car,federal—state-issues,au First posted March 14, 2020 09:14:34More stories from New South Wales