A new RAC survey has shed light on which new cars are the cheapest to own and run, with consumers facing increasing costs across all categories.
RAC’s 2022 Car Running Costs survey assessed more than 80 cars across 11 categories, considering costs such as fuel, licencing, servicing and insurance to find the most affordable cars for a range of budgets.
The results show the market has changed and it’s getting more expensive, with the average weekly cost now topping $317 - which is $100 more expensive than the average just three years ago.
The Toyota Corolla ranked the cheapest small car to own and run – at $206.65 a week, while the Subaru Outback was the cheapest large SUV for the fourth year running, coming in at $317.85.
RAC Manager Vehicles and Fuel Alex Forrest said there were many factors driving up the cost of owning a new car this year.
“Higher fuel prices contributed significantly to overall cost increases this year, even with the temporary halving of the fuel excise between March and September,” Mr Forrest said.
“We’ve also seen higher interest rates and increased retail purchase prices for some vehicles, as manufacturing and logistics costs continue to have an impact on the local market.”
The Nissan Patrol V8 was the most expensive vehicle to own and operate – at $584.70 a week.
Hybrid vehicles also faced increasing costs but were far less affected by fuel price spikes, and in many cases worked out cheaper to service. The upgraded MG ZS EV was the cheapest in the growing EV category.
“These results show us that while hybrid and electric vehicles are more expensive to buy upfront, they can cost far less to run than other vehicles,” Mr Forrest.
The survey results also showed some light vehicles, such as the MG3 Core, were cheap to own and run but lacked important safety features.
“The cost of a vehicle is an important factor for most people, but it isn’t the only consideration – buying the safest car you can afford could be the difference between life and death if you crash,” Mr Forrest said.
“Most car categories offer a range of options that are both cost effective and packed with safety features, so we urge buyers to check ANCAP safety ratings and choose the safest car for their budget.”
Find the full survey results here, or see our latest edition of Horizons magazine.
2022 Vehicle Operating Costs – Category Winners
| Category | Vehicle | Overall Operating Cost ($ per week) | ANCAP Safety Rating |
|---|---|---|---|
| Light | MG3 Core 1.5 4sp auto hatch | $163.31 | Not rated and lacking important safety features |
| Small | Toyota Corolla Ascent Sport 1.8 CVT hatch | $206.64 | 5 |
| Medium | Toyota Camry Ascent 2.5 8sp auto sedan | $249.16 | 5 |
| People Mover | Hyundai Staria 3.5 V6 FWD 8sp auto | $356.22 | 5 |
| SUV Small | Hyundai Venue (base) 1.6 2wd 6sp auto | $205.52 | 4 |
| SUV Medium | Toyota RAV 4 GXL 2.0 FWD CVT | $275.32 | 5 |
| SUV Large | Subaru Outback 2.5 AWD CVT MY23 | $317.86 | 5 |
| SUV All Terrain | Mitsubishi Pajero Sport GLX 2.4 t/dsl 8sp auto | $353.27 | 5 |
| 2wd Ute | Mitsubishi Triton GLX 2.4 t/dsl 6sp auto 4x2 dual cab pickup | $301.71 | 5 |
| 4wd Ute | GWM Cannon 2.0 t/dsl 4x4 auto dual cab pickup | $279.80 | 5 |
| Electric / Plug-in | MG ZS EV | $259.02 | 5 |
ENDS