RACV’s Annual Car Running Costs Survey has revealed Victoria’s cheapest car to own and operate is the MG3 Core light Hatch, costing motorists a measly $734.84 per month.
The MG3 Core was closely followed by the Kia Picanto S and the Suzuki Baleno GL, at $746.31 and $804.87 per month respectively.
For more than 50 years, RACV’s Car Running Costs Survey has taken an in-depth look at Australia’s newest and best-selling models, providing data on the overall cost of ownership.
Factored into the survey are variables including purchase price, loan repayments, registration, insurance, fuel or electric vehicle charging costs, tyres, servicing and repairs and auto club membership – all averaged out over five years.
There are 11 vehicle categories and more than 80 models included in the survey.
Despite having risen by more than $100 per month on last year,the MG3 Core light hatchback is the nation’s cheapest car to own and operate for the second year running.
Last year’s Car Running Costs Survey showed that Victoria’s cheapest car, the MG3 Core light Hatch, cost $625.50 per month to own and operate.
Calculations from the survey are based on private vehicle ownership and the average distance travelled by Victorian motorists, which is 15,000 kilometres per year.
RACV Head of Policy, James Williams said the survey confirmed what Victorians would be keenly aware of – the cost of owning a car has gone up across the board.
“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.
The survey shows that fuel is the second biggest expense for car owners, accounting for 13 per cent. Purchase price is the biggest upfront expense, accounting for 80 per cent of a car’s ongoing 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.
The survey also showed that Toyota was a leader in affordability for small and medium-sized cars, with the Toyota Corolla Ascent Sport ($950.93) leading the small car category, while the Toyota Camry Ascent Sedan ($1,123.26) led medium-sized cars.
Segment Cheapest Vehicle Monthly running cost
Light cars MG3 Core 1.5 4sp auto hatch $734.84
Small cars Toyota Corolla Ascent Sport 2.0 CVT hatch $950.93
Medium-sized cars Toyota Camry Ascent Sedan 2.5 8sp auto petrol $1,123.26
People movers Hyundai Staria 3.5 V6 FWD 8SP auto $1,563.65
Electric cars MG ZS EV $1,149.00
Small SUV Kia Stonic S 1.4 6sp auto FWD $905.89
Medium SUV Toyota RAV4 GXL 2.0 FWD CVT $1,245.08
Large SUV Subaru Outback 2.5 AWD CVT MY23 $1,415.43
All-terrain vehicle (4×4) Mitsubishi Pajero Sport GLX 2.4 t/dsl 8sp auto $1,563.51
Light commercial (4×2) Mitsubishi Triton GLX 2.4 T/dsl 6sp auto 4X2 dual cab pickup $1,419.23
Light commercial (4×4) GWM Cannon 2.0 T/dsl 4×4 8 sp auto dual-cab pickup $1,451.05
