Money Cheap cars drive record high levels of financing

13:40  13 february  2018
13:40  13 february  2018 Source:   msn.com

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Lease financing jumped in December to hit its highest level in more than 16 years, as Australians cashed in on low car prices and flexible payment options. " Car prices are at 30-year lows and car sales are at record highs ," Mr Felsman said. "Aussies appear to be taking advantage of cheap cars

Sales of diesel cars have hit record levels despite governments around the world exploring ways to get them off the road. The rest have been bought on cheap Finance deals. All this to avoid the new car tax rules introduced in April. Ooh, loads of us drive 10-yo cars , outside of the M25

a blue truck parked in a parking lot: Toyota hopes to prod governments to invest in hydrogen car technology© Provided by Nine Digital Pty Ltd Toyota hopes to prod governments to invest in hydrogen car technology Lease financing jumped in December to hit its highest level in more than 16 years, as Australians cashed in on low car prices and flexible payment options.

Total new lending commitments, which takes in housing, personal and commercial loans and lease finance, dropped 4.4 per cent in December to $70.8 billion, after the largest rise in almost three years in November, the Australian Bureau of Statistics said on Tuesday.

Commercial loans fell 6.2 per cent to $42.8 billion and personal finance loans fell 4.9 per cent to $6 billion, while lease finance jumped 8.3 per cent to $591 million, the highest volume since 2002 in rolling annual dollar terms, according to CommSec.

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Your past driving record – If you have had any driving convictions or points added to your licence, you will be considered a higher risk for future insurance. Very Cheap Motor Insurance – What you can control. The level of cover – You would normally get really affordable car insurance cover with third

Lease financing allows a financier to purchase a vehicle on a borrowers behalf and then lease it back at a fixed monthly payment.

CommSec senior economist Ryan Felsman said Australians have a conservative attitude towards taking on more debt, but lease loans have risen to 16 year highs.

"Car prices are at 30-year lows and car sales are at record highs," Mr Felsman said.

"Aussies appear to be taking advantage of cheap cars, potential tax benefits and flexible payment terms to lease new vehicles or equipment."

The total value of home loans to owner occupiers fell one per cent to $21.1 billion in December, seasonally adjusted.

Brisbane fuel prices expected to rise almost 20¢ above average in 'matter of days' .
Average fuel prices in Brisbane are expected to hit a three-year high in the coming days, with the RACQ warning drivers to fill up as soon as possible. The average price of petrol across Brisbane service stations is on-track to rise to almost 150¢ per litre, if the current round of price hikes continues during the coming days, the RACQ warns.A three-year record could also be broken, with the average price at the pumps tipped to reach 149.5¢ per litre, which would smash the usual Brisbane average of 130¢ per litre.

Source: http://au.pressfrom.com/news/money/-55199-cheap-cars-drive-record-high-levels-of-financing/

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