Owning a car can be a major expense, with running costs including rego, insurance, servicing, and car loan repayments. But when it comes to fuel, which Australian city is the most expensive on average at the fuel pump?
According to new figures released by RACQ, the price of fuel in April 2019 was higher in Hobart than in any other Australian capital city, followed by Brisbane as the most expensive of the mainland capitals.
RACQ spokesperson, Lucinda Ross, partially attributed the higher fuel prices to record-high oil prices and fuel companies increasing margins.
|City||Average UPL price (cpl)||Change since March 2019||Average fuel cost per month*|
*Assumption: According to the Australian Bureau of Statistics, the average Australian driver used approximately 1798 litres of fuel in the 12 months to 30 June 2018, or approximately 149.83 litres per month.
As well as fuel, Australian drivers need to consider the costs of registration, insurance, servicing and much more. One significant expense that many Australians may need to consider is their car loan.
According to RateCity data, in April 2019 the average car loan interest rate was 9.43%, meaning that a $30,000 car loan on a 5-year term would cost $145 per week.
At the end of the term, you’d have paid an extra $7653 in interest charges for your car, plus an average car loan application fee of $203.90, and any other fees your lender charges.
Once you’ve added up the cost of fuel, your car loan, and other running costs, you’ll need to make a decision about whether your vehicle is providing more value than it’s costing you. In some cases, getting rid of your car can leave you financially better off.