The rising cost of living is impacting so many essential expenses, and car ownership costs have been heavily impacted too. Compare the Market Australia has crunched the numbers and found that Australia escapes ranking in the top 10 for most expensive countries to own and maintain a car, but it’s still nowhere near the cheapest.
Australia sat below the halfway point at 15th place out of 26 – not quite ranking as well as Ecuador, Czechia and Poland, but placing above countries like France, Uruguay, Canada and Spain. The average annual total for key yearly car spending figures was $8,205. While Australia’s fuel price was cheaper per litre than many European countries, licensing fees were some of the most expensive in the entire index.
Major expenses such as maintenance, repairs and fuel expenses made up a significant portion of total spending. Fuel costing an average of $2,769 per year while repairs and maintenance cost an average of $1,033. Car insurance was another significant cost at an average of $1,223 per year – the ninth most expensive out of all 26 countries.
While Aussie drivers will be feeling the sting on their wallets, the costs are worse overseas. European countries in general were very expensive for car ownership in comparison to other countries on the list. Every single country in the top 10 was in Europe. Denmark was the most expensive, followed by the Netherlands and Norway.
On the flip side, Argentina was ranked the cheapest country, followed by Russia and Colombia.
The accompanying table below shows a truncated view of the top 15 most expensive countries in the index, showcasing total annual spending, fuel prices per litre, and licensing fees in Australian dollars.
As costs rise across the world, executive general manager Adrian Taylor urges Australians to take action on their car insurance costs.
“It only takes a few minutes for car owners to review the available car insurance policies available to them. When you get your policy renewal, it pays to compare what’s out there,” Taylor said.
“Compare the Market makes it really easy to compare. You can weigh up prices, coverage limits, exclusions and other features to find a similar policy for a cheaper price, or another policy that offers more in a competitive deal. Don’t let potential savings drive on by. In this environment, every dollar saved matters.”
To learn more about the rankings and methodology, visit here