Which Countries Are The Most Expensive and Cheapest To Own a Car

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Most Expensive and Cheapest Countries to Own a Car

Cars are an important part of many people's daily lives, whether they're used for commuting to work or taking road trips, but they also have a price: purchasing insurance, buying gas, and paying for repairs all raise the cost of ownership.

To determine how expensive it is to own and operate a car globally, The Scrapcarcomparison (UK) added the average cost of cars (for the same car models) to the average cost of auto insurance, repairs, and current fuel prices.

We were able to determine the proportion of each country's average yearly salary needed to own a car because these costs were weighted against average yearly earnings to provide a fair gauge of affordability.

Where is the Cheapest Country to Own a Car - Top 10

As per a recent study (by The Scrapcarcomparison), Australia ranks as the cheapest country to own a car, requiring only 49.48% of the annual salary to own and run a car. The costs to own and run a car in Australia are lower here than any other country.

According to the study, the USA comes in second place, requiring 54.87% of annual income, and Denmark rounds out the top three with 60.34%.

Canada and Sweden are next on the list, requiring, respectively, 64.40% and 75.84% of the annual salary. Germany, the Netherlands, France, the United Kingdom, and Finland are much lower on the list of the top 10.

Numerous nations in Europe, including the car-obsessed United States, and other nations also placed among the top 10 for automotive value. The UK did not place in the top five due to its higher cost of living than many other nations in our study, but it still managed to show its worth by squeaking into the top 10 in ninth place!

The UK is one of the most expensive places to buy a car, ranking 10th in three out of the four categories, according to a study by the price comparison website Confused. The UK was ranked as the tenth most expensive country out of 29 to purchase a Volkswagen Golf, with an average cost of £24,430.

Hatchbacks were deemed to be the cheapest to purchase in the US, where the average cost was £17,082, while SUVs were deemed to be the most affordable in Canada, where the average cost was £16,792.

Macao was listed as the cheapest place to buy an electric car, with an average price of £29,739. Sports car prices, based on the Ford Mustang, were lowest in Canada, with a price of £18,586.

List of Top 10 Cheapest Countries to Own a Car

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Top Cheapest Countries To Buy a Car in Europe Today

The lowest average prices for used cars in the EU are 16,394 EUR and 16,603 EUR in Italy and the Netherlands, respectively. According to one of the biggest German car marketplaces, AutoScout24, buyers can find the best deals on new cars in Greece, Italy, and Spain for 23,555 EUR, 25,759 EUR, and 27,329 EUR, respectively.

Different car prices are set in each European nation. It makes sense that cars would cost more in wealthy, high-cost locations than in those with a fragile economy, like Greece. As a result, you might consider Southern European countries for a new car purchase and more developed, competitive markets like the Dutch and German ones for used cars.

Which country is the most expensive to buy a car - Top 10

Moving to the other end of the spectrum, Turkey tops the list as the nation where owning and operating a car costs the most, at an astounding 652.29% of your annual salary. With 515.77%, Argentina came in second, followed by Colombia (508.93%), and Uruguay and Brazil (443.68% and 441.89%, respectively) made up the top three.

On the other end of the spectrum, salary obviously has a significant impact on how affordable anything will be, so it was not surprising to see that countries with lower average salaries have much higher car ownership costs, even though new car prices are still relatively low compared to countries like the UK and U

Turkey is the most expensive country in which to own a car, according to our research, and it costs more than 6 times the average Turkish annual salary to purchase and maintain one. South America is also one of the toughest places in the world to purchase a new car.

Ukraine, Guatemala, Russia, Mexico, Costa Rica, and five other nations ranked among the top ten most expensive for car ownership.

According to the study's methodology, which was used to determine the numbers, all Toyota Corolla and Volkswagen Golf car models were used to create a more fair comparison. According to the study, the average cost of car insurance, fuel prices, and repair costs were also taken into account when calculating ownership costs.

To calculate the precise percentage, the cost was then contrasted with the average yearly salary for the nation. However, the study only included 40 nations whose average cost information was easily accessible.

According to Confused, Singapore is the most expensive place in the world to buy a hatchback, with an eye-watering average price of £99,305. This is due to taxes and fees that have been put in place to limit the number of cars on the road. The Additional Registration Fee (ARF), a supplementary expense, has the potential to increase base prices by as much as 180%.

Singapore is the city where renting a car is most expensive. In fact, at US$115 per day, Singapore's daily car rental rate is more than eight times as expensive as Madrid's. Singapore is a small island, so you probably won't need to rent a car to get around.

Out of 48 nations, Cambodia commands the highest prices for sports cars, with a cost of £106,785, which is also influenced by vehicle and import taxes.

List of Top 10 Most Expensive Countries to Own a Car

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