Ever wondered how much your car is costing you? RACV’s latest Car Running Costs Survey reveals the most affordable new cars to own and run in 2022.
The MG3 Core light hatch is the cheapest new car to own and run in 2022, according to RACV’s latest Car Running Costs Survey.
While the MG3 Core was the cheapest in the light car category, the two-litre Toyota Corolla Ascent Sport came in as the cheapest small car, costing a touch over $950 a month to own. The MG ZS EV – with a monthly ownership cost of $1,149 – was the cheapest electric car of the 2022 survey.
RACV Head of Policy, James Williams said the survey confirms what Victorians are already feeling in the hip pocket, with the results showing that fuel is the second-biggest expense for car owners, accounting for, on average, 13 per cent of the total monthly cost.
“It would surprise no one to see that the cost of owning and operating a car has risen, given the trends we have seen in fuel prices,” Mr Williams said.
As the vehicle's features such as the safety rating, price point, and aesthetics may attract buyers to a particular make or model, it is often the ongoing costs that can be overlooked or underestimated.
Purchase price, as the biggest upfront expense, accounts for as much as 80 per cent of a vehicle’s ongoing costs once loan repayments are factored in, while registration, insurance and auto club membership combined can account for up to 15 per cent of other monthly costs.
“When you factor in the growing price of used cars and the improved fuel efficiency and safety ratings of new cars, there is a very good argument to take a close look at the more affordable models outlined in the survey,” Williams said.
All costs used in these calculations were current at the time of compilation.
For in-depth analysis of each car category, each article is listed below.