If there’s one thing that Australia loves – aside from being girt and celebrating our awkward breakdancing athletes – it’s cars.
, there were 20.1 million registered motor vehicles in the country as of 2021, which is only 6 million less than the number of actualOn those numbers, you can probably figure out that a lot of us have more than one car. Again, according to the ABS, the average number of motor vehicles per household in Australia is 1.8, and more than half of us report having at least two cars in our garage.
Now, let me say before we get any further, for many people, having two cars is a non-negotiable. Either because of the size of your family, or where you live, or your work, needing a second vehicle to zip around in is essential. A lot of money advice is subjective, and answering the question “do you need a second car” is no exception.Nevertheless! Cars are expensive, both to buy and to run, and are generally considered the second most expensive purchase we’ll ever make after a house.
In a perfect world, none of us would have cars and would walk everywhere, but we don’t live in a perfect world, we live in one where our capital cities are thousands of kilometres apart.If you’ve thought – or conversely, never thought – about ditching your second car, read on:online data tracker , we spend on average $23,000 a year on transport costs, with nearly all of this being directly related to the cost of running a car. This includes about $5000 on fuel, $1700 on registration, and $11,000 on car loan repayments.
Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.
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