It’s something that happens to most of us at some point in our driving career: getting stranded at the side of a road with a broken-down vehicle. But do you know the right procedures to follow if your car needs to be towed? Whether it’s due to an...
The type of vehicle you buy not only affects the likelihood of you being a victim of crime, but also the amount you pay in insurance, so think twice before buying a high-risk car. The Crime Statistics report released in October this year found that...
Ernest North, co-founder of fully digital platform Naked Insurance, takes us through the steps to follow if you've caused a minor car accident. Few of us will get through a lifetime of driving without causing a minor car accident or two - whether...
If you want to be a millionaire, you should buy a second-hand car! In the book The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, the authors studied the behaviour and habits of America’s millionaires. One thing that they found...
With the fuel price at record highs, many motorists may be rushing to sell their fuel-guzzling vehicle and to replace it with a more fuel-efficient car. But you should be careful not to make a costly knee-jerk decision. If you were planning on...
With recent fuel price hikes delivering a shock to all of our budgets, every little bit of savings counts. It now costs motorists over R1 000 to fill up a 50-litre tank of fuel. At a pump price of R21.60 per litre, for a reasonably fuel-efficient...
Ernest North, co-founder of Naked Insurance, recommends that before you decide to buy a car, you take into account all of the costs that come along with owning a vehicle. Buying a car is exciting, whether it’s a brand new model or a preowned beauty...
As lockdown drags on and job cuts continue, more and more people are facing financial difficulty when it comes to paying off debt. Many people have asked for advice about what they should do if they cannot afford their car payments. The bottom line...
We did this podcast a year ago, about paying off your vehicle and home loan sooner – but I thought it was worth sharing again, as Absa has now released updates on its banking app for car finance. Absa car finance customers can use the app to pay in...
According to the Experian Consumer Default Index, repayment of car debt has shown a marked deterioration as the extended Covid-19 lockdown puts South Africans under more financial pressure. Marc Friedman, CEO of car sale platform Weelee.co.za says...
Freedom to have your car repaired by a non-dealer will increase competition and reduce the cost of repairing and insuring your car. A couple of years ago when I was buying a second-hand car that didn’t have a service plan, I discovered what a rip-off my dealership had...
Ernest North, co-founder of AI-driven insurtech Naked, looks at some of the steps to follow before committing to a used car purchase. Numbers from TransUnion show that South Africans financed around 79Â 000 used vehicles in the first three months of 2021, with lenders...
The decision on how much to spend when purchasing your car is possibly one of your most important financial decisions. In fact, banks say that the main reason they turn down home loan applications is due to affordability, and the main culprit is usually car finance....
If you are required to travel for work there are several ways to claim for this expense. You can receive a travel allowance or be provided with a company car. In the case of a travel allowance, the employer would normally pay a set amount, for example R5Â 000 a month....
Khwezi Jackson, investment consultant at 10X Investments, explains how buying a fancy new car could sabotage your retirement funding. Seeing a headline, ‘Spending R10,000 per month on a new car’, got me thinking: Why would anyone spend that much money every month to...
Advance payments on car finance do not work the same as on your home loan, so it’s worth understanding how to make the most of it. Any debt that you pay off sooner than required will save you money on interest. However, you need to understand how advance payments work...
How does a balloon payment work? What questions should I ask my dealer? Can I settle my car finance early and what happens if I want to give my car back? Maya (@mayaonmoney) chats to vehicle financing expert Henry Botha of Absa Vehicle and Asset finance to answer...
I always maintain that actuaries never lie, and women on average pay less for car insurance than men, so is it true that women are better drivers? In light of Women's Month, I am speaking to Christelle Colman of Elite Wealth Assets Insurance to explain why women pay...
Despite having credit shortfall insurance, many policyholders find themselves out of pocket when it comes to claiming because they don't properly understand how the cover works. In its 2019 annual report the Ombud for Short-Term Insurance (OSTI) found that 49% of...
The days of having a beer after work and driving home will soon be over – and that’s not just because of the lockdown restrictions. Once South Africa’s strict new drunk-driving laws have been passed, drivers won’t be allowed to drink alcohol at all. Currently, it’s...