Until recently I’d never considered the price of a car as anything more than a huge lump sum amount, but when you break it down to a weekly repayment, suddenly things seem a lot more manageable. Looking for a car, I realised that the weekly repayment amount for a brand new $30,000 car was going to be closer to my phone bill than my rent, which is pretty interesting considering cars are seen as big ticket purchases.
Paying off your car loan weekly also has other benefits; you’ll end up paying less per year in interest than if you were repaying monthly and it’s easier to align your repayments with your pay day. Simply set up a regular repayment when you get paid, that way you won’t notice it coming out of your account.
With this in mind I decided to showcase 5 awesome new cars for which your weekly loan repayments will be under $150 a week when paid off over five years. We used the People’s Choice Personal Loan Calculator which made things super easy; you just enter the price of the car and how long you’d like to take to pay it back and it does the rest. Shortening the repayment period will increase the weekly repayment amount but you’ll have it paid off sooner, whereas if you’d prefer to repay the car over 7 years the repayments will be lower. As a tip, if you think you might want to make lump sum payments, first check you won’t be penalised for doing so and also see if free redraws are offered – in case you need to access the additional money you’ve repaid down the track.
For my round-up below I was looking at 5 year loans and based the pricing of the cars on the listed drive away price for the manual transmission versions in New South Wales.
VW Polo GTI
This sleek little guy packs some serious punch with a 1.8 litre TSI turbocharged engine producing 141kW of power, accelerating from 0-100km/h in just 6.7 seconds. If $150 a week is a little bit more than you’re willing to part with, you could also check out the 81TSI Comfortline which works out to be a little under $100 a week over 5 years.
MINI Cooper 3 Door Hatch
The coolest go-kart you’ll ever drive, the MINI Cooper 3 Door is one of the most fuel efficient cars on the road but also manages to go from 0-100km/h in 7.9 seconds. One of the best things about MINI is the range of custom options to choose from, so you can get exactly the look you’re after, all for just under $150 a week over 5 years.
Mazda 3 SP25
One of the most popular cars on the road today (and for good reason), the latest Mazda 3 is a sleek car with smart features. Opt for the SP25 model and you’ll enjoy the larger 2.5L engine, however you can also drive home a brand new Mazda 3 Neo with a 2.0L engine for under $115 a week over 5 years.
Alfa Romeo MiTo Progression
With a heavy dose of Italian style, the Alfa Romeo MiTo is an option that will have you standing out on the road. Featuring a 1.4 litre turbocharged engine producing 99kW of power, the MiTo will get you from 0-100km/h in 8.2 seconds and ensure you look great while doing it!
Mitsubishi ASX 2WD LS
If you’re looking for something a bit bigger, the Mitsubishi ASX provides a good amount of style as well as the extra space you’re after. There are a few different models, with the 2WD LS coming in well under the weekly budget at about $118 a week over 5 years. It comes with a 2.0L engine and is packed with a bunch of handy features, especially for bigger cars, like a reversing camera and rear parking sensors.
If you’re thinking about getting a new car sometime soon, breaking down the cost into weekly repayments is a good way to wrap your head around how you can afford your new ride. Check out the People’s Choice Personal Loan Calculator for an easy way to crunch the numbers and enjoy that new car smell!