Debit Cards V Credit Cards
When you’re under 18, you’re lucky! You can’t get into trouble with credit cards as you are under the legal age! But a lot of young people are encouraged to get credit cards when they turn 18! Beware as misuse of a credit card is one of the easiest ways to get into debt.
Let’s first look at the differences between the two. A debit card gives you access to your own money, so you are limited to withdraw or spend only as much as is in your account. When you turn 18...
Buying A Car
Buying a car is likely to be your first big saving project, or your first experience borrowing money from a financial institution. But before you race off and start scouring car yards for your dream machine it's time for a reality check. Let's make sure you are really ready for the responsibility and the costs.
Buying and owning a car involves more expense than you had probably ever dreamed of. Here are the costs you WILL face…
When you Buy
- Cost of the Car.
- REVS check – to make sure no money is owed on it by the owner, which could lead to their finance company repossessing it if they don't pay up!
- Insurance to cover you, your car, other cars and other people and property. Click here to visit our insurance section and find out more.
- Transfer of Registration – the cost to get the car registered in your name includes stamp duty.
- Stamp Duty – The government requires that you pay them for buying the car. Normally a percentage of the sale price.
Ongoing (recurring) Costs
- Registration – between $500 - $700 every year.
- Insurance – between $400 - $800 every year.
- Repairs, parts and maintenance – expect to pay more if you have an older cheaper car.
- Tyres – around $500 every 2 years (more if you have mags or drive recklessly).
- Fuel – between $35 - $60 to fill up, depending on the type of car.
- Loan Repayments.
Sounds expensive, doesn't it? However, if you go into the deal prepared for the costs, then you'll be streets ahead. Now let's talk about where to find your car.
