The costs of car ownership far exceed the purchase price but, it can be easy to lose track of exactly how much you're spending on your car! Breaking it down and adding up all the contributing costs will help you understand just how much you're shelling out annually. Based on this, you can identify opportunities for cost reductions or get an idea of how much you could be saving by giving up car ownership all together!
The costs of car ownership are broken down into two types – fixed and variable. Grab a calculator and work through the following steps to figure out just how much your car is costing you each year.
These are the costs that don’t change with vehicle use - you still pay these even while your vehicle is parked in the garage!
- Car payments (+ any interest)
- Warrant of Fitness
These costs reflect all the consumables associated with running a vehicle.
- Fuel (annual mileage x fuel price)
- Parking (daily cost x number of days)
We've done the calculations for a 2013 Toyota Corolla (approx $12,000 value) as this a pretty common, and comparable, model of car.
Annual fixed costs = $2010
- WOF - $50
- Registration - $110
- Insurance - $1000
- Depreciation - $850
Annual variable costs = $6400
- Fuel - $1400 (10000km @ 6.6L/100km)
- Servicing - $300
- Repairs - $800
- Tyres - $300 ($450 every 1.5 years)
- Parking - $3600 (240 weekdays @ $15/day)
Total cost = $8410
Offset your costs
Owning and operating a car is expensive! Listing your car on Yourdrive is a great way to make the most out of your car and recoup the costs of car ownership. You can use it whenever you need, however, it can be used by others, earning you cash, when it’d usually be sitting idle.
Yourdrive provides a safe and easy way to share your car with others. Insurance is included in all rentals so there’s no risk involved and all renters are background checked before being approved to rent. Additionally, our support team are there to assist the renter if anything goes wrong or if you have questions or concerns. You just sit back, relax and earn.
Keen to reduce the amount car ownership is costing you?
List your car on Yourdrive and offset the costs by renting it out to others OR sell your car and spend your hard earned cash on transport only when you need it.