Average cost of owning a car continues to go up as Aussies spend over $350 a week on their transportation

It’s no secret that a car is something that will cost you the moment you drive out of the dealership (have you seen the price of petrol lately?).

From regular costs like car loan repayments, fuel and tolls to you more-occasionals like tyres, rego and insurance and roadside assist - it all adds up.

That’s where the latest stats from the Australian Automobile Association come in handy, as they break down the Australia-wide average of different car costs.

According to the report, the average total transport cost for Aussies over the third quarter (Q3) of 2021 was $367.63 per week. That’s $6.99 greater than in the second quarter (Q2) of this year and makes up on average 15% of Australians’ total income.

And, if you look at it from an annual cost perspective, it adds up to be $19,117 per year.

While public transport is considered in the national total transport cost, it only makes up 6% of yearly transport costs overall, meaning the rest goes towards personal transportation costs (those associated with owning a vehicle) such as car loan repayments, fuel and repairs.

So, what do the extra costs on cars look like?

The truth is, there are many costs associated with cars and the hard truth is prices are creeping up across the board.

Take petrol costs for example. The Australian Automobile Association reported that the average weekly fuel cost for Aussies drivers sat at $78.36 over Q3 which is an increase of $5.28 per week from Q2. At that price, that equates to a yearly cost of $4,075, a massive $275 increase from the previous quarter.

Unlike public transport, fuel takes up a large 21.3% of the average weekly transport cost nationally.

When it comes to the major cities, over the last quarter Sydneysiders spent the most on petrol at an average of $81.67 per week (an increase of $6.06). On the other hand, those from Adelaide spent $73.63 on average per week for fuel (an increase of $4.85).

Meanwhile, car loan repayments make up the majority of the national transportation spend at 45.3%. Over the July to September quarter, on average Aussies coughed up $166.41 per week on repayments which adds up to $8,653 per year. That’s an increase of $0.46 each week from the previous quarter and $24 annually.

What about the other extra costs that come with owning a car? Here’s a breakdown …

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