UK in top 10 most affordable countries to own a new car despite VED and insurance rises
As various expenses drive up the cost of motoring, a new study has found that the UK is still one of the cheapest countries to own a car.
Whilst the rising cost of Vehicle Excise Duty (VED) and car insurance are causing many motorists to tighten their belts, the vehicle recycling company Scrap Car Comparison has noted that the UK is still one of the cheapest countries to own a new car.
According to a new study, the UK was the eighth most affordable nation to own a car, despite the average motorist using 87 percent of their salary to buy and run it.
David Kottaun, Operations Manager at Scrap Car Comparison, noted that drivers around the world are happy to pay premium for the convenience of owning a vehicle.
He explained: “For many, owning a car means freedom. It’s your tool for being able to go, see and do what you want, whenever you want. With this in mind, we wanted to see where it is most affordable to buy a car and run one, right down to the cost of repairing a fault.
“Being based in the UK, it was good to see the nation ranking within the most affordable top ten. However, we all still know that purchasing a car is one of life’s biggest outlays, so we hope our cost comparison service can help owners get the best return for their old vehicles and better set them up when affording a new car.”
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Comparing the average salary in a number of countries to the price to buy and run a number of popular models, Scrap Car Comparison found America is the cheapest place to own a car is the United States, with buyers typically paying 46 percent of their wages.
The study also found that Australia and Canada were good countries for motorists, with motorists paying 57 and 64 percent of their salaries to buy and run a new car, respectively.
A number of European countries also made it onto the list, such as The Netherlands, Germany, Sweden and Norway.
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Top 10 Most Affordable Countries to Own a Car (Percentage of Average Salary):
- United States – 48 percent
- Australia – 57 percent
- Canada – 64 percent
- The Netherlands – 74 percent
- Germany – 74 percent
- Sweden – 79 percent
- Norway – 86 percent
- United Kingdom – 87 percent
- Finland – 92 percent
- Ireland – 94 percent
Nevertheless, Scrap Car Comparison also noted that motorists in other parts of the world often have to save up years of their wages to buy a new car.
Turkey was ranked as the most expensive country to own a car, with the cost of buying and maintaining a car requiring nearly seven years of the typical wage.
The company also highlighted that a variety of South American and Eastern European motorists also face challenges in running a car.
Others may find themselves looking for a storage management solution for car storage, where research is necessary.