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Finance Ezi | Australian Finance Brokers
Finance Ezi | Australian Finance Brokers

So you’ve bought a new vehicle and you’re ready to drive. Whether it’s brand new or just new to you, there are a few important aspects of vehicle ownership that you’ll need to address before you drive off into the sunset. Car Registration is just one of the many costs involved.

At Finance EZI, we see a lot of our customers get caught short when that troublesome registration fee comes up each year. We know how it feels: it seems like you only just paid the last one! We’ve seen enough flustered customers to be able to give you the rundown on what vehicle registration is all about, and provide some quick tips for being prepared when your rego bill rolls around.

What you’re paying for with Car Registration

As we all know, Australian law requires all motor vehicles to be registered with state governments before they can be driven legally. Your car registration ensures that your vehicle is roadworthy, and makes for quick identification on the roads.

This same law requires your car to be covered by Compulsory Third Party Insurance (CTP).

Depending on the state you live in, you’ll have a single option or multiple choices of CTP insurer when you register your vehicle. The premium you pay will depend solely on factors such as your age, license type, and the vehicle classification.

Here’s a breakdown of your registration bill:

  • Standard registration fee (this is your contribution to general road maintenance)
  • CTP insurance fee
  • General admin fee

Additional charges can apply if you have a specialised number plate, or you drive a heavy/specialised vehicle.

Check out your state government’s website for more information, facts, and figures.

Where Can you Register?

While most dealerships can handle your car registration for you, it’s always a good idea to be as informed as possible.  Remember, even if your dealer is handling it, you’ll need to provide ID, and if you’re eligible for cheaper registration (concessional registration) you’ll need proof of that as well.

Yes we said cheaper registration.  Car registration costs can be more expensive than you may have originally thought and if you’re able to get it for a lower cost, you need to know! You can find all the details on your state government website, but just to give you an idea, concessional registration is available for Seniors Card holders, current or former members of the Australian Defence Force with an impairment, charitable organisations, vehicles used solely within an agriculture property and more.  These require an application process so if you’re eligible or you want to learn more about people who are eligible, do your research today!

If it saves you money, it’s well worth taking the time. Speaking of time, do you have a vehicle that stands out from the crowd? Is it a left-hand drive, perhaps you have an antique vehicle or a car that uses gas? If so, you’re going to want to take the time to do extra research (or ask the person who sold it to you for help and recommendations) because these frequently require either a different type of car rego or additional applications.

The key is to take the time to do your research now, so you get your registration right, now. The last thing you want to do is pay extra fees because you didn’t get it right the first time.

Quick Tips for Being Car Registration Ready

1. Open a sub-account

Looking for an easy way to save cash? Hide it away from yourself! If your bank offers sub-accounts, consider opening one specifically for your car registration. Add a little into it each week, and before you know it you’ll have the funds you need.

Why not go a little further and save up for all of your vehicular expenses in the one account? Lump your service costs, insurance, and registration into the one fee: divide by the weeks before your next bill, and you’ll know exactly how much you need to squirrel away each week.

2. Cut down on the little extras

Do you spend $50 a week eating out? $20 on coffee? $100 on gym memberships? Think about all the little things you buy over the course of a week or month, and consider ways to cut down. Maybe you don’t actually use that gym membership much. Maybe you can eat out once a month, rather than every week. Decide what works best for you. Put that little extra saving into its own piggy bank and bust it open when your registration fee rolls around.

3. Think about how you use your car

If you’re reluctant to cut down on extras, cut down on how much you’re using your car. Commute to work on public transport or by carpooling! Walk or cycle, is all the better! The money you’ll save on fuel and servicing will add up quickly, and you can put this toward your registration fee when it comes around.

4. Register for 12 months

Sure, it seems more expensive at the time, but registering for 12 months instead of six means savings in the long term. Check out your government website to find out just how much your bill is discounted when you register for 12 months.

Are you still just in the research phase of buying a new car? Check out our guide on when to buy a new car. Remember, if there’s anything we can do to help make your car finance ‘ezi’ just give us a call.

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Finance Ezi | Australian Finance Brokers