Cheapest cars to own and run

Are you in the market for a new car?

Perhaps you’re upsizing to fit the kids, downsizing to save on fuel or switching to electric to avoid pain at the petrol pump altogether.

Whatever your reasons, buying a new car is bound to leave a dent in your budget.

To help inform your purchase, RACQ has crunched the numbers on 86 vehicles on the Australian market to find the most affordable to own and run.

RACQ’s Principal Technical Researcher Andrew Kirk said the cost comparison was calculated taking a range of factors into account.

“We considered vehicle costs including fuel, registration, insurance, tyres, service fees and the purchase price fully financed over a five-year loan,” Mr Kirk Said.

“With cost-of-living pressures challenging many of us right now, saving wherever you can is important and we want to make sure Australians are informed when buying a new car.”

When it comes to the ever-popular medium SUV category, the Toyota RAV4 GXL 2.0 FWD CVT took out the top spot, coming in at $1,116 per month to own and operate over the five-year loan period.

RACQ Motoring Editor Ged Bulmer said the Toyota RAV4, pictured, was the best-selling in its category.

“A victim of its own success with delivery dates stretching well into 2023 thanks to COVID-related supply chain issues, the RAV4 nonetheless holds down a commanding 22% category share, with the fuel-sipping hybrid variants overwhelmingly the best sellers,” Mr Bulmer said.

Australia’s most popular car is the Toyota Hilux, but it’s certainly not the most affordable coming in at $1,591 per month to own and operate over the first five years.

The Toyota Hilux SR 2.8 T/dsl six-speed auto 4x4 dual-cab pickup is more than $300 more expensive per month than the cheapest ute in the same category which was the GWM Cannon 2.0 T/dsl 4x4 eight-speed auto dua-cab pickup ($1,263 per month).

“With its low $37,990 purchase price undercutting the list price of its nearest rival and last year’s gold-winning Mitsubishi Triton GLX by a sizeable $9,340.35, the Chinese ute gets a start that can’t be headed, finishing on top of the pool with monthly costs $130.96 lower than the second-placed Triton,” Mr Bulmer said.

If you’re downsizing to save on fuel, the cheapest light car to own and operate is the MG3 Core 1.5 four-speed auto hatch at $850 per month and the most affordable small car is the Toyota Corolla Ascent Sport 2.0 CVT hatch at $891 a month.

If you’re shopping with sustainability in mind, the most cost-effective electric vehicle (EV) is the MG ZS EV at $1,060 per month.

“Despite its relative affordability in this class, the MG ZS EV is still $175.71 more expensive to own and operate per month than the most cost-effective small SUV, the Hyundai Venue 1.6 2WD, with the latter still holding a $10,542.70 advantage after five years of ownership,” Mr Bulmer said.

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