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Tips on saving money when buying a pre-registered car

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With the hefty price tags and high depreciation rates, it is no surprise that drivers are leaning towards secondhand cars more instead of brand new ones. According to experts, certain models can drop in value for up to 35% in the first year. Though the statistics reveal a pretty disheartening number, there are still ways in which you can fulfill your dream of getting a brand new pre-registered car of your own, while saving some coins during the process. And while we are on the topic of getting a new car, make sure to not forget to get your car protected by insurance at https://www.youi.com.au/car-insurance.

What are pre-registered cars?

In order to understand what pre-registered cars are, we first have to go back to the basics. A car dealer measures his success based on the number of sales that he or she makes, and like other salesmen, they also have targets to meet. In order to achieve their quotas, dealerships will sometimes opt for buying the cars themselves and register them as sold with the Driver and Vehicle Licensing Agency (DVLA). These will then be known as pre-registered cars. Since the first owner of the car is technically registered with the dealer, these cars are classified as secondhand cars, despite its low mileage and it being just a few weeks old.

Pre-registering new cars, and then selling them at a lower price to customers does not necessarily mean that dealers are losing money. The manufacturer’s bonuses are usually able to cover the costs and at times outweigh the difference in costs.

When should I get a pre-registered car?

A rule of thumb is to wait till March or September, because those are the periods when new number plates are registered, with the largest supply of cars available. Those months also come with higher quotas for dealerships, making it easier to get a better deal. If you want to take advantage of cheap deals, be sure to visit the dealerships at the end of the month, as they usually have monthly and quarterly targets to hit as well. However, if you have some extra cash lying around, you can just proceed with getting a car whenever you need it. With a higher budget, you will also have the luxury of picking something that attracts you, as well as focusing on the functionality of the car.

When you are at the dealership, a tip is to look out for cars with the sign that says “new” and is heavily discounted but is already attached to a number plate. These are the cars that are most likely pre-registered, and you’ll pay significantly lower prices for them.

What can I expect with a pre-registered car?

When getting a pre-registered car instead of a brand new car, you can expect discounts from 5% to 15%, though the prices may vary depending on each model, and how desperate the dealership is to get the car off the forecourt. However, one thing to take note of is that if you think about finances, the retail price that pre-registered cars are discounted at may not mean lower monthly installment payments. You should also lookout for the miles on the clock. Most pre-registered cars should have less than 200 ‘delivery’ miles unless it has been used as a demonstrator car, which can hit slightly above 200. It should also typically be under six months old and check with the dealership if it is a lot older than that.

What should I look out for when purchasing a pre-registered car?

Before you immediately say “I do” to your car, it is best to do some research on the model in question. If you realize that it has to be replaced or facelifted soon, this gives you a great opportunity to further haggle over the price. Furthermore, you should ensure that you receive the new keeper supplement section of its V5C logbook and the sales receipt when the dealer sends it to the DVLA.

Moreover, you should take out GAP (Guaranteed Asset Protection) insurance if you are getting a pre-registered vehicle. This is because your insurer will likely pay out the car’s market value before any accident since you are the second registered keeper of the car. This ensures that the GAP policy will compensate for any potential shortfall in price between this amount and the amount that you owe the finance company.

What are the cons of getting a pre-registered car?

One of the biggest drawbacks of getting a pre-registered car is the value that it can be sold for when you decide to change your car. Even though it is practically new and you are the first legitimate owner of the car, you are still technically the second owner, thus making its value decrease when you decide to sell it. This will not fetch you the price at which your car is truly valued, causing you to make a potential loss. However, if you do not plan to sell it before the car has to go to the scrapyard, getting a pre-registered car will definitely be worth your buck.

Additionally, you have to take note of the manufacturer’s warranty. The warranty period starts the minute the car is parked in the forecourt. Hence, the longer the duration of the car idling in the forecourt, the shorter the warranty available for your car. This is different from that of a brand new car, whereby the warranty starts the moment you get the keys. This puts you at a slight disadvantage, risking the chances of a faulty part after the warranty has ended.

For drivers who prefer to customize and optimize a car to their liking, pre-registered cars are not the most suitable due to them being already fitted with optional extras. Furthermore, drivers are unable to choose and customize the spec as well.

Final Words

When it comes to purchasing a pre-registered car, it is all about slashing the prices further but getting the same standard and ideal condition that brand new cars have to offer. Though you are the first owner to drive on the roads, you are technically the second owner on paper. Hence, it will prove to be a problem when you choose to sell it, as your car will have a lower resale value than what it is actually worth. Despite that, getting a pre-registered car can help you reduce costs by up to 15%, while not compromising on the performance of the car.

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G20: Global co-operation and strong policy action needed for a sustainable recovery

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The COVID-19 crisis has exposed major weaknesses in our economies that can only be fixed through greater global co-operation and strong, targeted policy action, according to a new OECD report presented to the Leaders of the G20 countries at their virtual Summit this weekend.

New Horizons, a report requested by the G20 to support its Action Plan in response to the crisis, says governments need to plan now for the recovery while continuing to live with the virus. Emergency economic measures to tackle the crisis will need to be adapted, support to people and businesses become more targeted, and new policies put in place to make the objective of a stronger, sustainable and inclusive global economy, a reality.

Speaking at the Summit OECD Secretary-General Angel Gurría said that ambitious reforms were needed to ensure a vigorous recovery. He added: “We need to make sure health and social protection benefit all, that public and private investment is aligned with the Sustainable Development Goals, and we need to build resilience into the heart of our economic and social systems.”

The OECD identifies the need for stronger co-operation between governments in a number of fields:

  • in health, from research to distributing COVID-19 vaccines,
  • in trade, to ensure robust global production chains,
  • in the taxation of multinationals as the economy becomes increasingly digitalised,
  • in environmental sustainability, and,
  • in preventing sudden outflows of capital and sovereign debt crises in emerging markets and developing countries.

The report says exceptional fiscal spending and monetary support should be maintained as long as needed to buffer the shock of the pandemic, and outlines how governments should work on three main fronts – to reallocate resources; support people; and build a sustainable and resilient economic system for the future.

The crisis is accelerating changes to the economy, which are often disruptive. Governments will need to assist workers and businesses to transition from shrinking to expanding sectors; by removing barriers to mobility, by increasing competition, and by making it easier for firms to access finance and advanced technologies or to restructure.

Improving training and building skills, particularly among the low-skilled, youths and women who are often vulnerable in the labour market, will be key. Job retention schemes will need to evolve to ensure that people, rather than their jobs, are protected, that their opportunities are widened and their income safeguarded.

Increasing public and private investment particularly in healthcare, digitalisation, lowering carbon emissions, education and skills are essential to reinforce sustainability and resilience.

The New Horizons report is part of the broad range of analysis and recommendations from the OECD and other international organisations to support the work of the G20.

Mr. Gurría welcomed the achievements of the G20 under the Saudi presidency. In particular, he pointed to the G20 reaffirming its targets to reduce the percentage of young people who are most at risk of being left behind in the labour market by 15% by 2025, and to reduce the gender gap in the labour force by 25 % over the next five years. The OECD and ILO will continue monitoring progress in these areas, as well as on the impact of the pandemic on employment and trends in migration.

Mr Gurría said the OECD is continuing to work with the G20 towards achieving a political agreement on how to tax the digital economy by mid-2021. In the Secretary-General’s Tax Report to G20 finance ministers, the OECD warns that without an agreement there would be a proliferation of unilateral measures and an increase in damaging tax and trade disputes that could cut global GDP at a time when we are reeling from the pandemic.

He added that a sustainable economic recovery from the crisis would be undermined by environmentally harmful spending – such as fossil fuel subsidies – which still outweighs more ecologically friendly investments in the recovery packages announced by governments.

Mr Gurría also welcomed G20 progress on fighting corruption and criminalising foreign bribery, including the request by Saudi Arabia to join the OECD Working Group on Bribery, with a view to adhering to the OECD Anti-bribery Convention, the international standard in this area.

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Survey Says Cost and Complexities of COVID-19 Tests Main Obstacles for Employers

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A new global business survey found that few employers are testing their employees regularly when they come to work because they find the tests too costly (28%), too complicated to implement (22%), or they are concerned about the accuracy of the tests (18%).

1,125 employers across 1,141 facilities in 29 countries participated in COVID-19 Workplace Commons – Keeping Workers Well Survey. An interactive data dashboard and inaugural report provides details on some of the challenges faced by companies and benchmarks current practices. The report provides findings from employers across the globe about their approach to testing, contact tracing, facility safety, pandemic response, financial impact and pandemic preparedness.

Conducted by Arizona State University’s College of Health Solutions and the World Economic Forum, with support from the Rockefeller Foundation, the survey found that for companies with employees on-site at the workplace, many are taking some steps to reduce the risk of spreading the virus. Nearly three-fourths (74%) of these companies report they require masks for their employees, and nearly 80% make masks and hand sanitizer available.

“How to move the economy forward while keeping people safe is on the mind of every business leader as they continue to navigate the COVID-19 pandemic,” said Mara Aspinall, professor of practice at the College of Health Solutions. “The survey findings give us a clearer picture of the many difficult decisions employers face in trying to reduce the spread of the disease — and why more must be done to expand access to rapid-result testing.”

“We have created a community for leaders to share their challenges and current practices,” said Genya Dana, head of health care transformation at the World Economic Forum. “We believe these resources will help leaders everywhere make informed decisions as the pandemic continues to evolve.”

Globally, the majority (65%) of businesses surveyed were small businesses with 25 or fewer employees, with nearly 80% having fewer than 100 employees. 62.5% of the survey respondents were U.S. businesses.

“As businesses continue reopening and employees return to the workplace, we are again caught in an intense virus upswing with COVID-19 cases hitting record numbers,” said Dr. Jonathan D. Quick, managing director for pandemic response, preparedness, and prevention, health initiative, with the Rockefeller Foundation. “We must come together and do everything in our power to keep the economy open and keep people safe.”

Additional survey findings include:

Only 36% of companies had disaster or emergency response plans in place pre-COVID-19, and of those only 39% had plans specifically for epidemics or pandemics; 47% of those said their plan was useful for the pandemic.26% of respondents report increased monthly operating costs of 26% or more (excluding testing expenses).Notably, the data revealed that there were few significant differences between U.S. and non-U.S. companies except in contact tracing, where U.S. companies are doing much less compared with other regions (37% for U.S. vs. 54% for non-U.S.).43% of all companies are performing some form of contact tracing, with 58% of them making it mandatory and 17% requiring workers to sign liability waivers.

“By sharing the findings of our survey, we are ensuring broad access to information and truly democratizing knowledge during the pandemic,” said Nate Wade, project co-lead and senior director of strategic initiatives at ASU’s College of Health Solutions.

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Women hit hard by COVID-19 impact on garment sector

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Women at work in a garment factory in Hai Phong, Viet Nam. © ILO

The impact of COVID-19  on women in the garment industry has worsened due to underlying challenges including discrimination and harassment, underrepresentation of women’s voice, wage gaps as well as unevenly shared unpaid care and family obligations according to a new brief from the International Labour Organization (ILO).

Entitled Gendered impacts of COVID-19 on the garment sector  the brief aims to raise awareness of the gendered reality of COVID-19 and to outline how the pandemic impacts women and men workers in the garment sector.

“Women account for approximately 80 per cent of the garment sector workforce, so they are heavily affected to start with by many of the impacts of the COVID-19 pandemic. However, women also experience additional impacts due to the existing challenges they face in the workplace as well as expectations regarding women’s obligations in the home,” says Joni Simpson, Senior Gender Specialist for the ILO’s Regional Office for Asia and the Pacific.

Recent ILO research highlighted how major buying countries’ imports from garment-exporting countries in Asia had dropped by up to 70 per cent in the first half of 2020, due to COVID-19. This has led to a sharp increase in worker layoffs and dismissals while factories that have reopened are often operating at reduced workforce capacity. The Asia-Pacific region employed an estimated 65 million garment sector workers in 2019, accounting for 75 per cent of all garment workers worldwide.

The brief highlights short, medium, and long-term impacts of the crisis on women workers. It also includes a series of recommendations to help build a more just and resilient industry and greater gender equality.

Recommendations include greater focus on retrenchment and closure practices as well as addressing women’s disproportionate unpaid care obligations so they can return to work as factories resume operations. Efforts to address the COVID-19 pandemic should account for the unique ways that women and men may encounter the effects of the coronavirus at work, at home and in their communities. The importance of strengthening efforts to combat violence and harassment in the workplace is highlighted, in view of emerging data showing that COVID-19 has increased the risks of gender-based violence. In addition, the need to ensure women’s voice, representation and leadership in dialogue and decision-making is also seen as key to ensuring a full and fair recovery from the pandemic.

“It is crucial that governments, businesses and other stakeholders understand the multi-dimensional impacts of the COVID-19 pandemic on both women and men workers, and design policies that enable a smart, sustainable and gender-responsive recovery. Otherwise, the COVID-19 crisis threatens to exacerbate pre-existing inequalities and will hamper the social and economic sustainability of the garment sector,” said Jessica Wan, Better Work Gender Specialist.

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