Rising car costs in 2023 - time to review your car loan?

Family packing car for holiday

The rising costs of living have been biting Aussies this year, with transportation, along with housing costs and groceries being 2023's biggest expenses. 

Recent research from the Australian Automobile Association (AAA) shows that transport costs continue to increase for Aussies, with over 15% of household income being spent on this area. 

The cost per household has risen a whopping $1,730 a year in the last 12 months. 

Transport costs can include all operating costs to get your hot wheels on the road, along with public transport - but what about the basic bread and butter costs car owners face?

Fuel pricing is in focus 

Fuel is a necessity to vehicle owners making up 23% of transport costs, but those prices have been eye watering. However, there has been some relief! 

The AAA shows that fuel prices have been declining since the end of 2022 by almost $3 a week for Aussie households. The cities doing it toughest with the highest fuel prices are Hobart and Brisbane, with Perth coming in at the lowest prices. 

It should be noted that tyre costs are taking grip too.

The weekly costs of serving and tyres have risen $3 a week in the last 12 months for households, with the highest prices being in the cities of Canberra and Perth, says the AAA. 

The real rub? Car loan repayments 

Car loan repayments are in a league of their own and have been subject to their own interest rate battles.

It’s no surprise that car loan repayments have increased by $35 a week per household in the last 12 months. The current average weekly car loan repayment is $183.30 and makes up 44.4% of a household transportation costs. 

These types of costs needn’t dictate your buying experience. There are ways to tackle the problem. 

Finding the right car loan for you can be stressful, but having the right resources makes it easier. Making sure you know all the facts can help you reach your financial goals faster. Compare some car loan options below to help find the right one for you!

Compare Care Loans - last updated 23 May 2024

Search promoted car loans below or do a full Mozo database search. Advertiser disclosure
  • Used Car Loan

    Fixed, Secured, No vehicle age limit

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured used car loan of up to $75,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Details
  • Car Loan

    Up to 7 years old, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.49% p.a.
    6.84% p.a.based on $30,000
    over 5 years

    Purchase or refinance a new or used car, caravan or motorbike, up to 7 years old. Fixed rate with terms from 1 to 7 years. Make additional payments and free redraw. No early payout penalties. No monthly fees. Quick start application in less than 5 minutes online.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,460.64 including fees.

    Compare
    Details
  • New Car Loan - Special

    Home Owner Discount, Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    7.36% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.

    Compare
    Details
  • New Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured new car loan of up to $75,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Details
  • Clean Green Car Loan

    Home Owner, New or Used, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.49% p.a.
    7.61% p.a.based on $30,000
    over 5 years

    Get a 1% discount on your car loan interest rate if you buy a qualifying green car. Winner of Mozo's Experts Choice Green Car Loan 2021 award^. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $36,090.64 including fees.

    Compare
    Details