The best ways to save money when buying or leasing a car are different, according to a study.
Key points:The study by Accenture shows a car buyer could save more than $1,000 per year, compared with the cost of a new vehicleA new car can cost around $22,000New car leases can cost between $1.3 million and $2 millionA new vehicle can save around $700 to $1 millionA car purchase can save an average of $7,000A car loan can be up to $18,000In a survey of 7,000 Australians, Accenture found that a buyer could spend an average $1 in savings annually for a new car, compared to the cost that they would have to pay for a brand new vehicle.
The study, published by the research group Accenture, also found that buying a new or used car would save a buyer up to 3.3 per cent on their initial investment.
This was based on average price for a car from the most expensive to the least expensive in the same market.
It found that, on average, the cost to buy a new new vehicle would be about $13,000 to $15,000 compared to an average car leasing or buying a used vehicle.
However, the study found that an average owner could save $1 to $2,000 on a car purchase, while a new lease would cost around the same.
The research also found a new owner could get around $1-2,200 off the average cost of their car leasing.
However it said a car lease would likely only save around 10 per cent of the costs for an average Australian, with a brand-new vehicle costing around $7000-10,000.
A spokesperson for Accenture said the research was conducted to shed more light on what the costs are for a range of products and services.
“The cost of purchasing a new home is a big concern, with new home buyers facing a range on mortgage payments and maintenance costs,” she said.
“While some buyers are able to reduce the cost, the majority of people will need to save or invest money to buy an expensive new home.”
So how do you get the best value for your money?
This research shows how to do so.
“It shows the most common products and products that are available at the most affordable price, and it also shows how a car leasing deal could save you up to a third.”
A new home buyer would need to take out a car loan of $25,000 in order to save the equivalent of the average Australian’s mortgage repayments.
If you’re struggling to save, the research suggests you should consider using the car loan calculator at the end of the guide.
Read more about car finance:More to come