Saturday, 5 January 2013

Registration, CTP, and comprehensive insurance

Each year, the Millionaire on Heels forks out close to $1,500 for rego, CTP, and comprehensive insurance.  So this is one area I try to stay on top of for savings.

Registration

In NSW where I live, rego is absolutely non-negotiable.  According to the NSW RMS:
“Registration fees are a combination of an administration fee and a tax. Most light vehicle registrations include a component of Motor Vehicle Tax. Revenue from this tax helps fund road construction and maintenance.
Registration fees for vehicles up to 4.5 tonnes Gross Vehicle Mass (GVM) are based on the tare (unladen) weight of the vehicle. The more it weighs, the higher the cost. In addition, vehicles used for business purposes pay higher registration costs than those for private use.”
http://www.rta.nsw.gov.au/registration/feesconcessions/registrationfees.html
So if you want to pay lower rego, get a lighter car!  There are various concessions, etc. that can be deducted, but you generally need lower income than an aspiring millionaire to qualify.