Key cutting microchipped keys?? WTF!!!!?

Anakin

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I just turned 17 and my parents' old car, a Toyota Camry Ateva 2004, is being given to me. My parents only have one key, and it's microchipped. So i would have get a copy of this key from a Toyota dealer. I haven't been to the dealer to ask about the price but i heard from my friends and parents it was around $300 Australian dollars. Also, would I have show ownership of the car before I get the key cut? And is there a cheaper alternative?

Cheers
 
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