New app helps you calculate the total cost of buying a car

When you want to buy a car you can have more confidence in how much you can afford.

Buying a new or used car can be both exciting and terrifying at the same time, particularly if you don’t know much about cars.

To also help you in your decision-making, the Australian Securities and Investments Commission (ASIC) has launched MoneySmart Cars, a mobile phone app designed to help you with the financial decisions associated with buying a car. V8 Supercar champion Craig Lowndes launched the app in this video:

The app is a car buying education tool in your pocket. It is a guide to the total cost of buying a car, including loan interest, insurance, servicing and ongoing fuel costs. There are also helpful hints on avoiding common car buying traps, like being sold extras you don’t need or want.

The app can help you:

  • Save money by showing the real cost of your car purchase.

  • Avoid common car buying traps and identify hidden costs.

  • Find alternative ways to finance a car.

  • It’s available in iOS and Android versions. More information is at ASIC.

Thinking of buying a car? RACQ has tips for buying a car. If you’re not sure whether to get a new or used car, RACQ has put together a list of pros and cons.