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Date Published : Thursday, August 21, 2008
The importance of shopping around for your car insurance has been highlighted by the hidden costs of car ownership that are hitting drivers in the pocket, it has been reported.
A study by the RACV showed that even the smallest car on the market can cost between $84 and $118 a week, even if it is left on the driveway for seven days, the Sydney Morning Herald has reported.
In a recent survey the RACV claimed that, despite recent increases in petrol prices, the fixed costs of owning a car far outweigh the expense of running it.
The fixed costs involved in the ownership of a motor vehicle range from depreciation, loan interest, registration and insurance to licensing and breakdown cover, according to the newspaper.
Meanwhile, running costs include petrol, tyres, repairs and maintenance.
The RACV found that a small vehicle such as the Holden Barina costs $83.89 per week whether it is driven or not.
In contrast, a large car such as the Ford Falcon sedan will set back its owners $186.85 a week, even if they do not get behind the wheel once during that time.
These figures are dwarfed by commercial 4x4s such as the Toyota Hilux SR, which before the ignition is even turned costs $176.51 every seven days.
However, its average fuel bill is just $11.73 per week, according to the RACV.
The organisation estimates that the average Australian travels around 15,000 kilometres a year, which equates to around six times the length of the Murray River.
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