Tips for motorists to offset those rising expenses

Car owners estimate they are forking out $15,754 each year on average to run and maintain their vehicle, a survey conducted by car subscription service Carbar has revealed.

The latest average is 76% greater than last year’s figure of $8926, with respondents reporting sub - stantial increases in the annual cost of petrol ($938 higher), loan repayments ($871 higher) and insurance ($830 higher).

Motoring journalist Toby Hagon agrees that running a car has become more expensive in recent years, and it’s a trend he can’t see reversing any time soon.

However, he says there are a number of ways that drivers can trim their costs.

“The biggest factor on how much your car will cost to run is the driver.

“If you’re accelerating hard away from a set of lights or you’re braking hard, you’re putting additional wear on everything.

“So, driving smoothly means you’ll have a better chance at saving fuel and reducing wear and tear on your car.

“Another obvious thing is ensuring that your tyres are at the correct pressure.

“Under-inflated tyres will not only wear out a bit faster, they will also create additional rolling resistance, which means that the

“The other thing that a good buyers agent is valuable for is the off-market properties that they may be able to secure.”

How much they cost A buyers agent can come with a hefty price tag, charging anywhere from $11,000 to $18,000 per investment property purchase, according to Haeri.

While May freely admits that good buyers agents charge tidy fees, she says their level of expertise will be worth it for some buyers.

“I realise that a buyers agent is an investment – we don’t come cheap.

“But with that you’ve got to look at the results that we achieve for our clients.

“The amount of experience, contacts, information and the access we have to off-market properties – these are things that unassisted buyers simply don’t have.”

Both May and Haeri say buyers should avoid agents who work off a percentage rather than a flat-fee model.

They should also be wary of agents who are paid by third parties like builders, developers or even real estate agents.

Value in a cooling market

Since reaching record highs in the autumn of 2022, much of the heat has left the property market.

So are buyers agents still worth the cost?

“It could be argued that as the market softens, buyers agents become even more important,” says Hayden Groves, president of the Real Estate Institute of Australia.

“Markets jump around, so good quality buyers agents will be across a lot of extra detail than the buyer or even the selling agent.

“There are all sorts of nuances within a particular region that a good agent will know about and then use to the advantage of their client.”

TOM WATSON

Which costs have jumped most?

• Petrol: $2929 (up $938)

• Repayments: $1652 (up $871)

• Insurance: $1800 (up $830)

• Parking fees: $1101 (up $773) engine has to work harder and you’ll be using more fuel.”

Hagon also recommends reducing air-conditioning use at lower speeds, removing any excess weight and ensuring the car is regularly serviced.

TOM WATSON