Research by the Commonwealth Bank has revealed Australian motorists pay more than $3800 every year to keep their cars on the road.
According to an AAP report, the bank’s data reveals fuel is the greatest expense for car owners – over 40 per cent of an owner’s total costs – while other factors such as car washing and parking can cost drivers more than $100 each year.
Insurance costs an average of $407 each year, another major expense for drivers.
The report says Queenslanders pay the most to keep their cars on the road, at $4108 on average, due to higher registration and fuel costs.
Vehicle maintenance costs are highest in the Northern Territory due to the distances between servicing centres, while Western Australians pay an average of $125 each year for parking.
NSW drivers pay the most for car washes – $112 annually – as well as the most for road tolls.
According to Commonwealth Bank economist Diana Mousina, Australia’s weakening dollar will push fuel prices even higher in the future.
“Fuel costs will always be a significant expense for car owners so I’d encourage consumers to think about putting more of their weekly budget aside to cover the increasing cost of fuel, especially those in regional Australia.”
Data released by the NRMA reveals the Mitsubishi Mirage to be the least expensive car to run in Australia, costing $93.28 per week, while the Mercedes-Benz C63 AMG Black Series (above) was found to be the most expensive car to own.
The Commonwealth Bank’s report does not take into account costs including depreciation and loan repayments.