5 new cars for under-25s that won’t break the bank
When you’re young and don’t have significant wealth built up, even buying a car can be difficult. Factoring in the car insurance requirements for P-plate drivers and finding the perfect vehicle can seem pretty much impossible.
That’s why we’re here to help. Before you look at enquiring about a car loan with us, you need to know the cost of the vehicle you want to purchase.
Here are 5 of the best cars for Australians under 25 as recommended by RACQ, Whichcar and Carsguide.
1) Kia Serato S 2017: Approximately $19,990
While the price tag (courtesy of the RACQ as at 07/07/17) can be off-putting for some young people in Australia, RACQ listed it as the best car available for under $35,000 in 2016. It has both six-speed automatic and six-speed manual variants, and is suited to both urban commutes and longer journeys.
2) Toyota Yaris SX 2017: Approximately $21,980
The price tag comes direct from Toyota (as of 07/07/17) and according to www.Whichcar.com.au, the Yaris is one of their most popular models. Whichcar reported that the Yaris takes up 13.5 per cent of the under $25,000 small car market, indicating its popularity for drivers on a budget.
While VFacts data shows the Yaris was outsold by the Hyundai Accent and Mazda 2, the Yaris is still an excellent option for under-25s.
3) Toyota Corolla 2017: Around $20,000
The Toyota Corolla has been a staple of Australian drivers for years, and with good reason. Strong fuel economy makes this the top seller on the Australian Government’s Green Vehicle Guide, and an easy vehicle to maintain – especially for young people on a budget.
4) Barina Spark 2016: $8,690
Carsguide.com.au provided the price (as of 07/07/17) of the Barina Spark, which is significantly less than the other cars listed above. Not coincidentally, it’s the first micro vehicle listed. Older models of this car could potentially be purchased for as little as $4,000.
Whichcar suggest that nearly 15 per cent of micro vehicles are purchased by under 24s, indicating that it’s a favourite with the youth market.
5) Buying second hand: Below $5,000
Buying second-hand or buying an older car is great for your budget, and you can still get something great. However, it’s important to weigh up the pros and cons of doing so. For example, these cars are less expensive but getting car insurance on an older model might be difficult.
You could look at NRMA, your local Royal Automobile Club or your state/territory government etc for guidelines on buying a second-hand.
No matter what kind of car you’re buying, you need to make sure it’s financed in the right way. Talk to the Beyond Bank team for more information about car loans.