Lyla Lindsey
The average price of a car in Australia varies depending on several factors, including the type of car, location, and additional costs such as fuel, insurance, and maintenance. Aussies spend an average of $37,362 on new cars, with small cars averaging $26,454 and SUVs costing around $40,000. Fuel costs, insurance premiums, and maintenance expenses can significantly impact the overall cost of car ownership, with the average annual cost of owning a car ranging from $10,000 to $25,000.
| Characteristics | Values |
|---|---|
| Average new car cost | $37,362 |
| Average new car cost for people aged between 30 and 39 | $37,362 |
| Average new car cost for small cars | $26,454 |
| Average new car cost for sedans | $36,075 |
| Average new car cost for SUVs | $39,857 |
| Average used car price in 2022 | $37,000 |
| Average age of a car | 9.9 years |
| Average fuel cost in capital cities | $100.29 per week |
| Average fuel cost in regional centres | $103.46 per week |
| Average registration cost | $700 annually |
| Average insurance cost | $1,000 to $2,000 per year |
| Average annual fuel cost | $1,500 |
| Average annual maintenance cost | $500 to $1,000 |
| Average new car price in 2023 | $28,130 |
| Average new car price | $35,000 |
| Average used car price | $10,000 to $25,000 |
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What You'll Learn
Average new car costs by state
The average cost of a new car in Australia is around $35,000, although this can vary greatly depending on the state and territory. For instance, a survey by Canstar Blue found that motorists in Queensland pay slightly more for new cars than in other states. This is due to a variety of factors, including stamp duty, transfer fees, Compulsory Third Party (CTP) insurance, and registration fees.
In Queensland, registration costs are based on the vehicle's number of cylinders, whereas in New South Wales, it is based on the price and weight of the vehicle. Victoria calculates its registration fees based on the area the driver lives in, and Tasmania also considers the vehicle's number of cylinders. South Australia takes into account both the cylinders and the location of the vehicle, while Western Australia charges registration based on the weight of the vehicle. The Northern Territory considers registration, insurance, and admin fees.
The cost of CTP insurance also varies by state. In Queensland and New South Wales, it needs to be paid for separately from registration, with an average annual cost of $639. In Victoria, Tasmania, South Australia, and Western Australia, CTP is included in the annual registration fee.
Other costs associated with owning a car in Australia include licensing, which can cost hundreds of dollars for application and renewal. Tyre costs also vary, ranging from $80 to over $800 each, and fuel costs, which have been rising. Weekly fuel bills in New South Wales were the highest, with 18% of respondents in a survey saying they spent between $150 and $200 a week.
Overall, the average Australian spends around $37,362 on new cars, with small cars averaging $26,454, sedans $36,075, and SUVs $39,857.
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Average new car costs by age group
The average price of a new car in Australia is $37,362, according to Canstar Blue's latest survey of new car owners. The average amount spent on small cars is $26,454, while new sedans bring an average spend of $36,075 and SUVs $39,857.
However, the average price varies depending on age groups. According to a Canstar Blue survey of more than 1500 new car owners, those aged between 30 and 39 spent the most on their new cars, while the youngest and oldest age brackets spent the least. The survey also revealed that the general rule is that one should not spend more than 50% of their annual income on a new car.
The variation in spending across age groups can be attributed to several financial and lifestyle factors. For example, individuals in the 30-39 age bracket may have higher disposable incomes and fewer financial obligations, allowing them to invest more in a new car. On the other hand, younger individuals may be constrained by limited financial resources and competing expenses, leading them to prioritize affordability over other factors when purchasing a vehicle.
Additionally, the type of car chosen can also influence the average cost. For instance, the survey found that Aussies spent an average of $26,454 on small cars, $36,075 on sedans, and $39,857 on SUVs. These choices may be influenced by age-related preferences, with younger buyers potentially opting for smaller, more economical cars, while older buyers may seek larger or more luxurious vehicles.
It is worth noting that the cost of owning a car extends beyond the initial purchase price. Running and maintenance costs, such as fuel, insurance, registration, and servicing, can significantly impact an individual's finances. These ongoing expenses are essential to consider when budgeting for a new car, as they can vary based on age, vehicle type, and location in Australia.
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Ongoing costs of owning a car
The ongoing costs of owning a car in Australia can be quite steep, with the average household spending between $10,000 and $25,000 annually. These costs include fuel, car loans, insurance, registration, and servicing. Let's take a closer look at each of these expenses.
Fuel costs are a significant ongoing expense for car owners. The Australian Automobile Association (AAA) found that the average household spends over $90 a week on fuel, amounting to $4,726 annually. Fuel prices vary across the country, with Brisbane having the most expensive petrol among the capital cities in 2024 and Darwin the cheapest. Regional areas generally face higher fuel costs than capital cities.
Car loans are another major ongoing cost for car owners. The average household spends $9,533 per year on car loan repayments, making it the single most significant ongoing car expense for many. The cost of car loans can be influenced by factors such as the age and model of the car, as well as the owner's credit history.
Insurance costs can also vary significantly, with drivers in Sydney paying an average of $3,706 per year, while those in Hobart pay around $2,202. Geography plays a crucial role in determining insurance costs, and it is recommended to shop around for the best rates when renewing policies.
Registration and licensing fees are additional expenses that car owners must consider. Combined, these can cost an average of $1,605 per year, or about $30 per week. The cost of registration varies by state and territory and may be based on factors such as the vehicle's number of cylinders, price, weight, and location.
Finally, servicing and maintenance are necessary to keep your car running efficiently and safely. The cost of servicing varies depending on whether you live in a capital city or regional area, with capital cities charging an average of $1,796 per year for servicing.
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Average used car price
The average price of a used car in Australia has been steadily declining and is expected to continue doing so over the next year or two. In 2022, the average asking price for used cars was more than $39,000, a significant increase from $27,000 just two years prior. However, due to the increasing supply of new vehicles globally, used car prices are predicted to decrease by 10% in 2023. This decline in used car prices can also be attributed to rising interest rates and the increasing popularity of more fuel-efficient and environmentally friendly vehicles.
While used car prices in Australia are generally decreasing, there is variation within the market. Good cars that are in high demand and short supply are still maintaining their value, while the prices of more common cars are dropping. Additionally, luxury or rare cars will typically come with a higher price tag.
It's worth noting that the cost of owning a car in Australia includes several ongoing expenses beyond the purchase price. Registration fees, insurance, fuel, and maintenance can all add up to significant costs. Registration fees vary by state but average around $700 annually. Comprehensive car insurance can cost between $1,000 and $2,000 per year, depending on factors such as the driver's age, driving history, and value of the car. The average Australian driver spends about $1,500 on fuel annually, depending on the vehicle's fuel efficiency and usage. Regular services, tyre replacements, and unexpected repairs are also important considerations in the overall cost of car ownership.
When purchasing a used car in Australia, it's essential to do your research and due diligence. Websites like CARS24 offer a diverse selection of used cars within budget ranges from $11,690 to $63,500. It's important to consider your financial situation, lifestyle factors, and personal preferences when deciding on a budget for a used car.
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Cheapest car fuel types
The average price of a new car in Australia is $37,362, according to a survey by Canstar Blue. The average amount spent on small cars is $26,454, while new sedans bring the average spend to $36,075 and SUVs to $39,857. The average used car price in Australia in 2022 was $37,000.
With the rising price of fuel, many Australians are considering switching to electric vehicles to offset fuel costs. The ongoing costs of owning a car in Australia can be quite high, with fuel costs being one of the most significant expenses. The average Australian household spends over $90 a week on fuel, or $4,726 a year. Fuel costs vary across the country, with Brisbane having the most expensive petrol of the capital cities in 2024, and Darwin the cheapest. Regional areas tend to face higher fuel costs than capital cities.
When it comes to choosing the cheapest fuel type, it depends on the type of car you have. Regular unleaded petrol, with an octane rating of 91, is the most readily available type of fuel in Australia and is suitable for most petrol-run cars that don't have high-performance requirements. It is also cheaper than premium unleaded fuels. However, for high-performance cars, it is recommended to use higher octane fuels, such as 98 premium unleaded petrol, as these cars are more likely to burn fuel consistently at higher temperatures.
An alternative to regular unleaded petrol is E10, which includes a 10% blend of ethanol with 90% ULP. Ethanol has a higher octane rating than petrol, so adding it to ULP increases its overall rating to 94. To find the best fuel prices near you, there are smartphone apps and websites like FuelWatch and FuelPrice Australia that can help you compare prices.
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Frequently asked questions
The average price of a car in Australia varies depending on the type of car. In 2022, the average used car price was $37,000. As of 2024, the average cost of a small car is $26,454, a sedan is $36,075, and an SUV is $40,453.
On average, Australians spend over $90 a week on fuel, with some sources giving a figure of 95. However, this varies depending on the region, with capital cities having cheaper fuel than regional areas.
There are several additional costs to consider when owning a car in Australia, including insurance, registration, servicing, repairs, and road tolls. These costs can add up to over $19,000 a year.
Due to inflation and supply chain issues, car prices in Australia reached a record high in 2020, increasing by $10,000. While prices dropped slightly in 2023, they are still significantly higher than in previous years.
