ACCC urges Aussies to use fuel price websites

ACCC urges Aussies to use fuel price websites

Much like death and taxes, paying higher and higher prices for petrol is now an unavoidable reality. 

In a statement released today, Australian Competition & Consumer Commission (ACCC) Chairman Rod Sims has urged Aussies to empower themselves by using fuel price data from website and apps. 

“The current focus of the ACCC is to highlight to consumers the ability of technology to help them find where the cheapest petrol prices are, to encourage them to buy where petrol is cheapest, and to reward retailers which have the lowest prices,” said Mr Sims. 

Since 2016, fuel price data has been available to motorists to do just so, through various websites and apps, including:

  • NSW FuelCheck scheme
  • GasBuddy app
  • NRMA app
  • 7-Eleven app 

Aussies starting to turn their backs on petrol

It’s no secret that rising petrol prices eat into household budgets, and motorists are keen to find alternative ways to save on petrol. In July 2017, data from the Australian Bureau of Statistics found that the share of vehicles that use petrol fell from 81.1 per cent in 2012 to 75.7 per cent in 2017. 

“Many consumers appear convinced that petrol prices are a rip off,” explained Mr Sims. 

“The wild fluctuations in prices that occur in the larger cities as a result of the petrol price cycles only reinforce this view. 

“This takes us from a long-standing arrangement whereby only the major retailers had access to comprehensive information about petrol prices, to consumers now being empowered to make purchasing decisions through a range of fuel price apps and websites. 

“We believe this will, in turn, help drive more competitive markets in petrol retailing,” said Mr Sims. 

The ACCC fight for your right to petrol data 

According to the ACCC release, in August 2014 they took action against Informed Sources, a subscriber service “which allowed major petrol retailers to exchange fuel price data across all their sites on a near real-time basis.” 

This allowed data to become publically available to everyone through the MotorMouth website and app, helping consumers to find lower petrol prices. 

“We alleged that by facilitating the exchange of price information, the Informed Sources service enabled petrol retailers to communicate with each other about their prices. 

“By doing so, the Informed Sources service had the effect or likely effect of substantially lessening competition. 

“The undertaking we achieved in the Informed Sources case was important because since May 2016, retail price data has been available to consumers, including through a mobile phone app. 

“The information also encourages price discounters by bringing their lower prices to the attention of consumers. 

“Since we reached the undertaking with Informed Sources and the major retailers in December 2015, fuel price apps and websites have become a fast-growing segment of the fuel market. 

“We think this information is especially important today when there appears to be increasing confusion about fuel prices due to the changing nature of the price cycle over recent years,” said Mr Sims.

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Getting approval for a chattel mortgage with bad credit may be possible, given ‘chattel’ (usually a piece of equipment or car) is put up as security for the loan. That means if you fail to repay the loan, the creditor can recover the loaned amount by repossessing and selling the car or piece of equipment. This differs from unsecured car loans, where the asset is not tied to the loan and cannot be taken if you don’t meet the repayments. 

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Both businesses and individuals may use a chattel mortgage, provided that the car is being used predominantly for business purposes. 

To apply for a chattel mortgage, you need to first consider your options and choose a suitable lender that meets your requirements. Once you have selected a lender, you can apply for the loan online by filling out a form. If the lender doesn’t offer an online application process, you can either call them or visit their nearest branch. 

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The resale value is the price you could realistically charge if you were to sell your car. Almost every car loses value each year, although at different rates. As a guide, cars depreciate on average by 14 per cent per year in the first three years and then eight per cent per year after that.

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If you own a car, it may be something that can help you bring down the cost of your next vehicle purchase through its sale. However, before you can do that you’ll want to find out how much your car is worth.

Your car’s worth can depend upon various aspects, including:

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If you already own a car, you could potentially bring down the cost by selling your car in the process. Before that happens, though, you’ll need to find out how much your car is worth.

One of the first places to find this value is to research the value of your current car, giving you an idea of roughly how much it’s worth in its peak condition.

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Of course, dealerships will try to profit on your trade-in by buying it for less than they can sell it, making it highly unlikely that you’ll get the same price selling a car to a dealer as you would selling a car privately.

However, private car sales can be costly and can take months to sell, making car trading more convenient with a guaranteed return, even if you may not be able to realise the total value of your car’s worth.

Remember that everything is negotiable. If the dealership is offering you less for your trade than you wanted, try to negotiate elsewhere to gain that money back. Start by negotiating on the price of the trade and then ask them if they can give you a further discount on your new car.

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There are also costs associated with vehicle ownership, such as paying for petrol and the obligatory ongoing maintenance. But should you cut down on costs by servicing your own vehicle?

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If you’re short on time, it may be worth paying for the convenience of a full vehicle service. However if you’re trying to slash your expenses, there are some basic maintenance tasks that you can complete yourself.

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Historically, finding a great car loan would require excess research ranging from visiting an excess of websites or making phone calls, but technology has moved on. Using RateCity, Australia’s leading financial comparison service, you can check out great deals from a range of lenders on the one site.

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Your credit score is a number that represents how credit-worthy you are. The higher your credit score, the more credit-worthy you are and the more likely you are to receive loans from credit providers.

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