The cost of owning a new vehicle has risen in 2017 according to RACV’s Driving Your Dollars survey, but there are a number of ways savvy consumers can beat the rise and reduce their total cost of ownership over the life of their vehicle.
The Driving Your Dollars survey takes into account all expenses associated with normal car ownership including purchase price, interest, fuel, servicing, new tyres, insurance and depreciation and allows buyers to compare vehicles not only within one class, but across all classes.
This year, RACV compared 137 popular vehicles, and found an average 1.6 per cent increase in costs, equating the overall average cost of running a vehicle at $207.84 per week.
“A rise in on-road costs, increased interest rates, faster depreciation, and the withdrawal of Australian-model Fords has led to an average increase in prices” said Michael Case, RACV’s Manager Vehicle Engineering.
“But it isn’t all bad news for consumers. On average, new vehicles use 3.7 per cent less fuel, nulling the effect of higher petrol prices.” said Mr Case.
Additionally, many manufacturers are offering drive-away deals this year which absorb many extra fees which are traditionally added on to the cost of a new car. These fees could be stamp duty, registration and dealer delivery costs. In the case of the cheapest-to-run car, the Suzuki Celerio, the drive-away offer makes this vehicle 12.5 per cent cheaper – a significant saving.
The cost of tyres has also decreased thanks to intense competition – including the entrance of RACV Mobile Tyres Service, with the average cost to change a set of tyres decreasing by nearly 15 per cent.
For the third consecutive year the Suzuki Celerio takes the title of outright cheapest car to own and operate at $100.78 per week; and the most expensive vehicle is the Tesla Model X at $576.03 per week.
“RACV encourages motorists to be savvy and beat the price rises by choosing a fuel efficient car and making the most of the drive-away price offers” Mr Case said.
Full details of RACV Driving your Dollars survey can be found at www.racv.com.au/drivingyourdollars
Note to Editor:RACV calculations for the Driving Your Dollars survey are based on private ownership of a vehicle for a five year period and driving an average of 15,000 km each year. The data was collected in the period leading up to May 2017. Vehicles were chosen according to sales volumes and models of interest.