Buying a Car Essay

My generation ( Gen Y) be cognise as the global generation, culturally diverse we invite mobile machineeers , we atomic number 18 travellers and basically we dont like being tied downhearted to long term commitments. So I am non too excited at the prospects of demoralizeing a political machine. They terms a down, I could use that specie to pay off my HECS debt or go overseas with this notes. Besides some(prenominal)thing else, its dangerous being on the way, according to statistics recent people are far more likely to be complex in a lane crash than any some other ripen group on the road and besides, public transport allows me to use my i stuff and keep connected with my friends and family rather than spending hours on the road concentrating trying to avoid crashing. So, do I really want a car?IntroductionBuying a newly car has jural and fiscal consequences. Without a full understanding of your rights and responsibilities you could leave yourself open to dear (p) sanctioned battles, fines or end up with a poor quote rating that would choose consequences for many years to come. Purchasing a new car requires look into, consideration and an understanding of your rights and responsibilities under the law before any contracts are signed or any fomites barter ford.The levelheaded and fiscal responsibilities entangle loan repayments, alteration, amends, running cost and awareness of your consumer rights. I will be discussing responsibilities as a responsible consumer and inform you of your consumer rights in relation to purchasing a fomite.BodyThe guidelines for this research are to pastime, a budget of $35,000 and hence select either a new, 2013, KIA hatchback at $15400 or a employ, 2009, Mazda 3 at $12000. The two financial institutions that I chose from were the ANZ bank and the demesne Australia Bank, known as NAB. From this I had to purchase a vehicle as well as making sure I had enough money to maintain the car as well, acc ording to my ineluctably.Loans for cars are obtained from financial institutions such as banks and building societies. The loan for the purchase and running cost of the car was financed by the ANZ bank rather than the NAB. Both are time-honored institutions, that the cheaper rate in combination with giftments I already had with the bank do it the better choice . The repayments were compared with NAB with a rate of 13.76% which was more dearly-won when compared with ANZs 12.99%.The loan with ANZ worked out at repayments of $ 186.12 per week which would total at $9678.24 per year.The loan taken out is a personal loan for $35,000 non a specific car loan. A secured car loan would have been cheaper as the institution would have the car as security. However I wanted more than the cost of the car so the extra needful to be a personal.Registration of a car is a legal requirement for the vehicle to be on the road, with dire consequences if this registration is not maintained. The re gistration allows for common safety standards to be enforced and provides an efficient placement to prevent the re-registration of stolen or unroadworthy vehicles .A car must lawfully be registered to drive on roads and crapper be registered for 6 or 12 months. The cost for both cars was $173.80 for six months with a yearly cost of $347.60.Cars are registered at the Department of Main Roads customer operate section.The following steps are needed to complete registration, a road worthy or safety certificate, a completed registration exertion form, a compulsory third companionship certificate if not include in registration, old registration papers, cause of a vehicles garage address, evidence of an individuals identification and a means of paying registration fees.There are two main types of insurances for cars. One is compulsory and the other optional. The compulsory insurance is called compulsory third party insurance and is quiet as part of your vehicle registration in Quee nsland. It indemnifies vehicle owners and drivers who are legally liable for personal injury to any other party in a crash, moreover the coast of the third part vehicle are not covered.Comprehensive insurance, covers you and your property in the case of a crash. You can get third party property car insurance, however this does not cover damage to your own vehicle so I decided not to explore the option any further. Two insurance companies were researched, AAMI and RACQ. AAMI s new car insurance calculated to $412.60 per year. This was compared with RACQ, which came to$ 617.20 per year. Insurance can be paid online which is cheaper, or at the insurance companies call centre. use car comprehensive insurance was $441.98 dollars per year. AAMI was chosen as it was the cheapest insurance. It is a reputable company and the terms and conditions of the insurance policy suitable for the cars requirements.Running costs are a fiscal responsibility that needs to be calculated into a budget whe n purchasing a vehicle. The following running costs have been calculated on the cars stipulated in the research guidelines. The new car running costs include raise at $1357.20 for the year. This was calculated using an average kilometre usage of 15,080 kilometres per year. Servicing came to $ 904.80 and tyres came to $174.92 per year. alter costs were included adding up to $1040 per year. The total running costs for a new car is $3477.The used car costs were similar with fuel at $1357.20, servicing at $821.86 and tyres $168.89.The costs of cleaning over a year was calculated to $1040 dollars. The total running costs for the used car for 12 months came to $3387.95, making the difference almost negligible.Consumer rights are the rights that are protected under law for every Australian. Car bargainers,insurance companies and finance corporations are legally bound to comply with the terms and conditions of their deals. Consumers and companies are bound under judicature acts and pol icies to adhere to the loan, insurance terms & conditions and warranties.The new car has a endorsement which ensures that the franchise should guarantee any faults that occur and are listed on the warranty. If they do not, you have the right to go to the Department Of Consumer Affairs, fill in a consumer complaint form and the department will act on your behalf. The dealership is obliged by law under the motor vehicle dealership act to guarantee a warranty.Even if the used car that does not have a warranty, The dealership must comply with what was advertised when change the car or consumer affairs can support the complaint form. If you get a car privately, there will be no warranty. You should invest in a Vehicle Inspection to determine the condition of the vehicle before you purchase.You should also check with the Personal Properties Securities Register (PPSR) to ensure that the trafficker has clear title on the vehicle and that any hire purchase or other loan agreements relat ed to the vehicle have been paid out. If the look ater does owe money on the vehicle, it could prevent you becoming the legal owner.You should also check the registration papers to ensure that the owner is the seller. If the vehicle is unlicensed you need to obtain proof that the seller has the right to sell the vehicle.ConclusionThe total costs for the new car is $30577.68 with $4422.32 left over. The used car total costs come to $25018.09 with left over money of $9981.91. My budget allows for me to buy both either the used car or the new car with left over money from both. I have decided to buy the new car as it is covered with a warranty and my consumer rights will ensure I am covered if the dealer reneges on the contract.I also like the peace of mind of lettered that the car is new and reliable. I am not taking on a car that has been used with no guarantee on its reliability.So after all that do I really want to buy a car?I have taken into account the costs and the legal respo nsibilities of buying a car, including my consumer rights and obligations .So, you know what I am vent to stick with public transport and where I have a lot of rights and no responsibilities, except to pay for my ticket and keep my mouth shut. convey for listening everyone and all the best for making smart choices when purchasing a vehicle.