New car buyers are now being charged more for new car ownership, with an average of $5,500 more in the first year.
New car buyers have been charged a premium of $1,250, with the average price of a car up to $28,000, according to a report.
The average monthly fee for a 2018 model year is $9,750, according the latest monthly survey by Car Price Intelligence.
It also found a growing number of car owners have opted for a monthly premium to cover their outgoings.
“Over the last year, average monthly premiums have increased to $9000 for the 2019 model year, from $8,500 in 2018,” the report said.
“A total of 27 per cent of new car owners are paying more than the average for their vehicle.”
The survey also found that the median number of kilometres driven by a new driver in 2019 was up from the year before, to 29,500.
The report said the increase in the number of drivers was a result of the number and quality of the new cars being sold.
“The number of new cars sold in 2019 fell from the previous year, but the average number of vehicles sold per vehicle is now up from 28,500,” the study said.
The survey’s data was obtained through a Freedom of Information request.
Topics:consumer-finance,consumer-protection,business-economics-and-fiscal-policy,car,car-rental,categories:consumer,annual-price,business,housing-industry,federal—state-issues,government-and.parliament,australiaFirst posted January 30, 2020 13:20:50Contact Sarah Young