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Having your own car undoubtedly bring a lot of convenience and joy. But, have you thought about the additional costs that comes aside the original cost of the car? If you are thinking about buying a car here in Brisbane. This is your guide.
I have published the advantages and disadvantages of having your own car. As well as criteria to consider before buying your car.
I have listed down all the potential hidden charges and fees for owning a car.
Registration fees
These are the fees you need to pay in order to transfer the rightful owner of the car. This process usually takes place at Government’s transport office. e.g. Queensland Transport. Need to pay a small amount of money, I am not sure about the amount.
Insurance
My friends who own car strongly recommend AAMI, it is cheaper than RACQ, thus lower the quality of customer service, but its okay because money comes first (and we don’t use their service much either). Plus, you have the option to purchase online.
Petrol costs per week
Every car has mileage/gallon ratio. It is a good practice to get to know how much to spend on petrol each week. That way, you can keep an eye on your petrol usage. If you drive too much, consider car pooling with friends and share the petrol fees.
My friend owns a Jazz 1.5. He usually pays $40 fill to full tank – drives approximate 500km. That gives you a rough idea how much you need to pay for an light and fuel efficient car. Costs more if you drive a bigger and powerful car.
Maintenance costs
Car needs to do regular maintenance to keep in good condition. Maintenance fees depends on respective service centers. Go for a reputable service centres. Remember to fill in the log books as well, it’s the only proof of a well maintained car.
Price ranges from $90-$150 for each maintenance.
Repairs
My friend’s air condition system broke down during summer. The repair fee is $700, yikes! Expect the unexpected fees, these costs always happen when you least expect it ;)
Car park
The car parks are not free. Parking fees cost a lot, especially in congested area, such as city and universities. I’ve written a guide for car parks – 6 Car Parks Recommendations at Brisbane CBD.
Depreciation fee
Expect your car to devalue after first purchase. Especially if you buy new cars. Car value drops significantly if you do no have keep log books (not being serviced regularly).
Lower depreciation occur if you buy second hand cars. If you bought the car at $3,000, you can probably sell it a similar value since the base price is almost the same. On the other hand, if you bought new car for $20,000, you probably can sell for around $10k-15k, depending on the market.
Related links
- Please see RACQ’s Car buyer’s guide, particularly the hidden costs section in relation to buying used cars
- The car price guide provides an estimate car valuation
- Buying a motor vehicle, and Planning your finances
Any hidden costs I have not listed? Please share.
