Exploring transport options for 2024

In this day and age, there’s more transportation options than ever before – public transport, ridesharing, buying a car or a bike – but what’s best for you and your daily commute? Or perhaps you now work from home? Here are some of the transport options you should consider in 2024. 

Exploring transport options for 2024

Walking and cycling

For some metropolitan areas, walking and cycling are viable options for getting around. If you work from home or close to your office, considering taking up cycling to work is a cheaper option than public transport or buying a car. It makes the weekly shop a bit hard (or more expensive if you get it delivered) but you can buy dependable bikes from as little as $500 – though something higher-spec can easily cost upwards of $1,500. 

Public transport

Public transport in Australia is abundant – with buses and trains being most common in metro areas and some places having ferries (Sydney) and trams (Melbourne and Adelaide…well, it does have one!). Of course, relying on PT can be hit or miss – and you’ll be battling for spots during peak hour. But, it is economical and reduces your carbon footprint.

Ridesharing and timesharing

Services like Uber and DiDi are becoming commonplace in Australia, especially with the former passing on savings by sharing rides with others travelling to similar destinations. Alternatives to ridesharing are hiring timeshare cars such as those from Flexicar, DriveMate, or GoGet. You can rent a car for hour blocks, which gives you the flexibility of car use as you need it without all the added costs of car ownership.

Buying a car – new vs second hand

The tried and true: you can buy a car to get around. But which is better, new or second hand? The simple approach to choose which is best is this: new cars have higher upfront pricing but will cost you less in the short to medium term; old cars have lower upfront prices but will cost you more. New cars are easier to finance, safer and more dependable, have a higher residual value, and last longer than used cars. A used vehicle may be less expensive to purchase; but you will get less usage out of it, pay more in maintenance and petrol (typically), are less dependable, and financing may be more difficult to obtain – or more expensive per dollar spent. You’ll likely need to get finance for either option, so consult an online broker to get a better deal.

Leasing and novated leasing

If you don’t want to buy a car, you can lease. It costs a fixed monthly (or fortnightly) charge to lease a car for about two years at a time. Lease payments usually cost less than comparable loans and include periodic service, maintenance, registration, and insurance, at which point you hand back the car. You can also arrange a novated lease with your employer, where the lease payments are taken out of your pre-tax salary (known as salary sacrificing) and giving you more take-home pay as you’re in a lower tax bracket. You’ll have to pay the residual at the end of the novated lease by selling the car or paying for it out of pocket. It is a good option to get behind the wheel of a new car quickly!