Owning a vehicle is more expensive this year

22 June 2010

Owning a vehicle in 2010 is more expensive than in 2009, with overall costs increasing by four per cent according the RAC’s Vehicle Operating Costs Survey.

Depreciation continues to be the biggest cost component, accounting for approximately 40 per cent of the total cost of operating a car.

By contrast, fuel only made up about 15 per cent of the total cost of running the car surveyed.

The RAC Vehicle Operating Costs Survey also found that while some hybrid and clean diesel cars were among the cheapest to run in fuel costs, their higher purchase prices translated into higher depreciation and finance costs over five years.

For example, the Ford Fiesta Econetic was the cheapest in the entire survey to run at $13.58 per week for fuel, but its higher purchase price made it more expensive to own than all the other light cars surveyed ($154.67 per week).

However, the Econetic was significantly cheaper to own overall than its green peers in the small car category the Toyota Prius ($235.37 per week) and Civic Hybrid ($204.08).

RAC General Manager Auto Services Steve Nickolai said a range of factors were considered in the Survey.

“We also assess how much it costs to have the car serviced, the cost of fuel, tyres, insurance, registration, RAC membership, interest, stamp duty, drivers’ licence as well as some spare parts like windscreens and batteries,” Mr Nickolai said.

Korean manufacturer Hyundai continues to dominate in the light vehicle category with the Getz S taking out top spot for the fourth year in a row, the cheapest to own and run at $120.47 a week, up from $115.72 last year.

At the other end of the cost scale, the Toyota Landcruiser GXL turbo diesel V8, was the most expensive to run at $402.46 per week, up from $391.80 in 2009.

The RAC survey, which covered 78 individual vehicles, found that costs have risen across all categories. The RAC’s calculations for the Vehicle Operating Costs survey are based on a five-year ownership period and average operating for private motorists including an average driving distance of 15,000km. The data was collected in the period leading up to early May 2010.

More detailed results of the RAC’s Vehicle Operating Costs survey will appear in the August-September edition of Horizons magazine.

Download the release (pdf)