27% of Aussies choosing to upsize their car
Australian drivers are looking to upsize their car for a variety of reasons, according to new research by Finder.
A Finder survey of 1,011 respondents found that bigger is better when it comes to cars given that more than a quarter (27%) of Australians are planning to trade up to a larger car in the coming 12 months.
That's equivalent to roughly 5.2 million drivers looking to supersize their car.
Taylor Blackburn, personal finance specialist at Finder, said purchasing a larger car can mean increasing your costs.
"A higher monthly car repayment isn't the only upsizing expense you'll face.
"While they can be great for comfort – especially with a larger family – larger cars often cost more to register, insure, fuel and service. Even a car wash can cost you more."
Finder's research found that almost 1 in 10 (9%) want a bigger car because they are travelling more – as Australians stay closer to home for holidays and choose road trips over flying.
There's also a demand for roomier cars, with 18% of Aussies admitting they want more space.
The survey found as many as 1 in 4 Australians (25%) use a finance product for their new car purchase, while 4% have been rejected for a car loan.
"If you are in the market for a new car, comparing your finance options could help you save hundreds, if not thousands of dollars, over the life of your agreement," Blackburn said. He urged car buyers to compare car loans – with interest rates on finder.com.au currently ranging from 3.25% to 6.99%.
"You could be paying twice as much as you need to."
Interestingly, men (32%) are much more likely than women (22%) to be considering purchasing a larger vehicle.
The research shows 19% of Australians are content with the size of their car, while 5% want to downsize to a smaller car.
Finder's survey also shows that 1 in 10 Australians (10%) don't drive, while the remaining 40% are not planning on buying a car.
When it came to car insurance, Finder's analysis of 36 different driver profiles found an average difference of $2,643 between the best and worst policies annually.
"If you are looking to upsize your ride without breaking the bank, your car insurance premium is a good place to shop around. If you think you're paying too much, you're probably right."
|Are you planning to buy a bigger car in the next 12 months?|
|No, I am not planning on buying a car||40%|
|No, I like the size of my car||19%|
|Yes, I want more space||18%|
|No, I don't drive||10%|
|Yes, I am travelling more||9%|
|No, I want a smaller car||5%|