There are many things you need to get your car on the road such as CTP insurance and registration. Most people also get insurance to ensure they have protection in the event of an accident.
You then have petrol costs, minor and major serving plus you will need to replace your brakes, tires and suspension at certain stages of your cars life. You can then add depreciation which is how much your car goes down in value over the years and what about interest payments if you have financed your car
All these things add up and its important to understand how much your car really costs you per year. Quote My Wheels not only gives you some tips to reduce your car insurance but also has a Car Cost Calculator which was build so people like you could estimate how much your car costs you per year.
Included in the Car Cost Calculator
The States of Australia are responsible for vehicle registration and it is getting more expensive every year. The car insurance calculator factors in the cost of vehicle registration as it can be a large proportion of your car's running costs.
CTP insurance, often called a greenslip, is what covers you for personal injury or yourself or another person if involved on the roads. In most states it is automatically included in the price of your vehicle registration but in NSW, ACT and QLD you have to purchase it yourself. CTP insurance is compulsory and it is illegal to drive in any state without it.
It is interesting to note that some states include personal injury insurance to the person at fault whilst other states only include no fault personal injury cover.
Petrol got cheaper during the Global Financial Crisis but now it has risen again to $1.40 and it could get even higher. Whether you drive you car a little or a lot you should know approx how many kms to the litre your car gets - the more kms/ltr the better as you pay less to drive further.
If you don't know how much kms you get off your tank then reset the odometer next time you fill up the tank. Drive it til it is almost empty and see how many kms you travelled. You can then work out how many kms your car gets to the litre. Its a good number to know and many small cars now boast their kms/ltr values to the price wary consumer.
Parking can really add up. People who drive to work and have to pay $10 car insurance may realise it is cheaper to catch the train. If you paid $10 per working day of the year it would cost $2520.
Servicing your car is a must but there are ways to save. Old cars are usually more expensive to service as they require a check up ever 5000km compared to 10,000km up to 20,000km with new cars. It can also vary depending on where your car is from. European car parts are more expensive than Australian and Asian made car parts. So an old BWM sedan will probably be more expensive to service than your 2009 Toyota.
Everyone knows that as soon as a new car leaves the car lot it drops considerably in value. The next year it is worth even less and 10 years later baring a miracle it is going to be worth much less. This reduction is price is called depreciation. You can save on your car costs by choosing a relatively cheap car which doesn't depreciate in dollar terms as much as an expensive one or buy a car that holds its value well like a classic car.
It is important to choose the right car insurance provider when searching around for car insurance. Each car insurance company has a product disclosure statement (PDS) associated with their car insurance policies which outline what benefit and features and included with your car insurance. It also has the terms and conditions of the car insurance policy so it is very important that you read it before taking out insurance.
Quote My Wheels makes it easy to compare car insurance in a number of ways. We are the only website in Australia that allows you to search for specific features and then compare car insurance policies. This makes it easy to compare policies of a car insurance company so you don't pay for something you don't need.
You can even search for a car insurance company and view it's profile, car insurance policies, excess and NCB / NCD. There are so many car insurance providers out there, Quote My Wheels and its custom tools make it easy to compare car insurance making sure you get the policy you need.