A survey conducted by car insurer RACV in Australia has revealed that the Hyundai Getz is the cheapest car in terms of the cost of ownership aspect. This result now means that the Getz can now celebrate its fourth year atop the standings of the survey. Following the Getz home in second and third places are the Fiesta Econetic and the Civic Hybrid.
The survey by RACV termed the ‘Driving Your Dollars’ survey took into account 78 models of the new car market. The survey found that the Ford Fiesta Econetic was the cheapest car in terms of running costs of the car (10.23 cents per km), but when the prices of the cars were taken into account, the Getz took the top honors, because of its lower purchase price compared to the Fiesta.
The Getz has an average weekly running cost of $ 118.44 , while the Fiesta and Civic Hybrid had average weekly running cost figures of $ 148.29 and $ 191.44 respectively.
Coming to the other end of the spectrum, three variants of the Toyota Land Cruiser SUV bear the honor of the most expensive vehicles to own and run. The Land Cruiser’s V8 diesel engined variant is the most expensive, with an average weekly running cost figure of $ 386.49. It is closely followed by its V8 petrol and ‘ute’ siblings with weekly running cost figures of $ 369.88 and $ 328.48.
RACV’s Brian Negus says that car buyers fail to recognize depreciation of the value of a car as a major cost of ownership.
Brian Negus, RACV -
In this survey, depreciation accounts for an average of 37 percent on any given vehicle and while car buyers are not having to pay 37 cents in every dollar of their weekly car bills now, in five years time when they are looking to trade in their car that’s when the depreciation costs kick in significantly. How much an individual pays to purchase a car is just a piece of the picture. We also assess how much it costs to have the car serviced, the cost of fuel, tyres, insurance, registration, RACV membership, interest, stamp duty, drivers’ license as well as an assortment of spare parts like windscreens and batteries
Mr. Negus also says that a BMW costs an average of $ 8000 over five years to run an maintain, which is not so surprising. But, what is surprising is the fact that there are a trio of Toyotas in the expensive to own list. The Toyota Yaris, Prado and RAV4 are the most expensive vehicles to maintain in their own respective categories, and this is including the Toyota Service Advantage, which limits the scheduled maintenance costs of a vehicle.
Coming to the running costs of LPG powered and dual-fuel vehicles, they held a not so surprising advantage over their petrol powered counterparts in the running cost stakes.The dual-fuel commodore had a running cost which was $ 3.22 less than its petrol engined sibling and the diesel engined i30 costs $ 5.21 per week more to run than its petrol engined sibling.
The survey also revealed the fact that Hybrid cars are one of the most expensive cars to own and maintain with the Hybrid Toyota Camry costing $ 15 more to run and maintain, when compared with the petrol powered Altis. Also, the Toyota Prius is the most expensive in terms of ownership, among the small cars.
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Entry posted on June 24th, 2010 and filed under
Hyundai,
Study
