World

Australia becomes the most affordable country in the world to own a brand-new car

Australia is the most affordable country in the world to own a brand-new car, as per a new study out of the UK. Analysts examined the average new car costs, as well as extra costs of claiming a vehicle including insurance, breakdown cover, fuel, and repairs to decide the best ten most reasonable nations, alongside the most costly.

While Australian vehicle costs may not generally be the least expensive around the world, our high annual average wage implies that car ownership is the most economical for those Down Under.

Considering the way that America’s infrastructure was fundamentally worked in light of vehicles, it’s not shocking that car ownership here is more affordable than it is in many countries — yet we’re really not topping charts with regards to being the least expensive nation to own a car. Those awards go to Australia.

These figures come from Scrap Car Comparison, a UK website dedicated to selling or rejecting harmed vehicles. The organization says that it used similar car models across the board for its comparison (a Toyota Corolla and a Volkswagen Golf) before then figuring in the average cost of car insurance, repairs, and fuel costs in every nation to decide the cost of ownership. Scrap Car Comparisons then, at that point contrasted those costs with the average yearly salary of the country being referred to perceive the amount of one’s yearly pay it would take to possess and work a vehicle.

Australia checks in as the least expensive nation to own a car; it takes 49.48 percent of a person’s average yearly salary to possess and work a vehicle. It’s the only country under the 50% marker. The United States is the second least expensive nation to own a car, yet it costs 54.87 percent of the average yearly salary to do as such.

The most affordable countries to own a brand-new car

RankingCountryPercentage of average annual salary
1.Australia49.48
2.USA54.87
3.Denmark60.34
4.Canada64.40
5.Sweden75.84
6.Germany78.44
7.Netherlands84.65
8.France87.00
9.United Kingdom89.36
10.Finland91.58

Like the Big Mac Index – in which Big Mac burgers are thought about across the globe – we carried out the most notable nameplate throughout the world as a steady, which we’ve named ‘The Corolla Index.’

While entry-level costs differ for the Toyota Corolla, we’ve employed the Hybrid variation for the most precise evaluation – rapidly becoming a best-seller in the line-up.

In Australia, purchasers can snap up a Corolla Hybrid Ascent Sport for $27,395, with Japan not too far behind at $28,450. America’s Corolla Hybrid’s beginning at $32,000, while the UK is the most costly of the bunch at $45,500. All costs are in Australian dollars and before on-street costs.

Basically, a Corolla costs 66% more for UK purchasers than it accomplishes for Australians – placing them ninth in the rankings. The US turned out in second, while Japan missed out on the top ten.

Obviously, we’re discussing averages here, so in case you’re sitting in New York City confronting robust gas costs and costly parking, you’re likely well exceeding the country average.

The most expensive countries to own a brand-new car

RankingCountryPercentage of average annual salary
1.Turkey652.29
2.Argentina515.77
3.Colombia508.93
4.Uruguay443.68
5.Brazil441.89
6.Ukraine413.78
7.Guatemala355.94
8.Russia290.04
9.Mexico285.20
10.Costa Rica269.83

Different European nations ranked well in the least expensive list, with Sweden in 5th, Germany in 6th, and France in 8th.

Americans were displayed to utilize 55% of their annual salary to buy and run a new car, with Turkey the most costly at 652%. Australia’s percentage sits at 49.48 percent of our average annual salary.

The study was dispatched by Scrap Car Comparison – an online cost comparison service organization in the UK.

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