Australian motorists are collectively paying $63 billion per year in running costs to keep their cars on the road, according to the 2014 Bingle Cost Of Motoring Index.
Now in its third year, the Index shows a steady rise in the costs associated with keeping a vehicle on the road since 2012.
“When the Index began in 2012, the average annual cost to keep a car running for an individual driver was $5379; today, that figure has risen to $5736,” Bingle’s Marcela Balart said.
“There’s no denying that the main pressure point for drivers is petrol, but for many leaving the car at home is not an option, so they’ve had to get savvier with their spending habits.”
Ms Balart said while the cost of servicing, insurance and even fines has fallen slightly over the last two years, the savings have been completely consumed by rising fuel, parking and toll costs.
Many drivers in NSW will find that hard to believe, with registration and insurance costs far greater then Victoria and Queensland.
But the sting for Queensland drivers comes from fuel costs, with the average annual outlay per driver estimated to be $660 higher than in NSW, and fuel costs account for 60 percent of total vehicle expenses in Queensland.
Drivers in the ‘sunshine state’ had the cheapest registration and insurance, along with the cheapest parking and tolls, but paid the highest average running costs overall at $6062.
Victorian drivers pay the most for parking and tolls at around $311 per year, while Victorians also average $106 per year in fines; almost twice the average annual penalties paid by NSW drivers.