If you’re the proud owner of a vehicle, then you’ll be aware that one of the major running costs, aside from petrol and insurance, is the requirement to pay a registration (rego) fee every six or twelve months. You will need to do a rego check
The cost of your rego varies depending on the kind of car you own, the vehicle specifications, and which payment period you choose.
Rego Check: What does my rego pay for?
In case you’re wondering where your money goes, here’s the breakdown:
- Registration fee – helps to pay for the road network
- Compulsory third party insurance fee – this covers you for any legal liability if you cause an accident that injures someone
- Administration costs – for processing your rego payment
There might also be an additional cost if you have a non-standard vehicle or number plate.
Why it’s important to pay on time
Four weeks before your rego is due to be paid, you’ll receive a reminder notice informing you of the due date and how much it will cost. If you don’t pay on time, not only will it become illegal to drive your vehicle on the road, but you’ll have to pay a late payment penalty of up to $60. Unfortunately, rego time tends to come as a surprise to many. This is reflected in the fact that each year, up to half a million people in Queensland fail to pay on time.
How do I make sure I’m ready?
To avoid your reminder notice coming as a nasty surprise, and to avoid spending extra on late payment fees, here are a few rego check tips.
Work out the weekly cost: Divide the cost of your last rego by the number of weeks until it expires to find out the weekly cost. That’s how much you need to put away each week. Remember, if you can manage to pay the for the full year’s registration, it works out cheaper overall than the six-monthly option.
Set up a savings plan: Most banks offer sub-accounts or low-fee savings accounts, so check with them to find out the most cost-effective way to set up somewhere to stash away your rego money. Then make sure that you stick to saving your weekly target.
Find those savings: There’s lots of ways to save a little bit of extra cash each week. One less coffee at the local café or bar of chocolate at the supermarket soon adds up. Instead of buying takeaways or eating out, why not have a potluck dinner with friends instead? If you’re buying magazines or newspapers on a regular basis, check with your local library – most offer a free digital magazine subscription service. It’s hard but this is a great rego check tip.
Be disciplined: For every item that you don’t buy, make sure you transfer that money into your rego savings account. Once you’ve moved it, consider it already spent!
With just a little bit of planning, you can have your rego money ready and waiting for that next reminder notice to arrive. If you’re still a bit short, a small cash loan from Speedy Finance could help you bridge that gap. Even if you have a history of bad credit, contact us today to find out how we can assist you.