When considering car financing options, you should be thinking about much more than just the price of the car, the loan amount, and the interest rate and comparison rate. If you're not prepared, owning a car can feel like one surprise expense after the other. To work out how much money you actually need to buy and maintain a car, calculate your annual and monthly expenses on the following:
- Stamp duty on transfer of vehicle title (unless you're leasing)
- Vehicle registration fees, including CTP (Compulsory Third Party/"Green slip")
- Your loan repayments
- Fuel, parking and toll expenses
- Maintenance and repairs
- Insurance costs
