Most expensive countries for car ownership | Compare the Market (2024)

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Most expensive countries for car ownership | Compare the Market? ›

Here in Singapore, however, it is not just premium vehicles that cost a relative fortune. The island nation of 6 million people is the world's most expensive place to own a car because of a quota system that limits the number of vehicles on the road.

Here in Singapore, however, it is not just premium vehicles that cost a relative fortune. The island nation of 6 million people is the world's most expensive place to own a car because of a quota system that limits the number of vehicles on the road.

Highest Car Ownership Rates Worldwide

🇺🇸 U.S. Clinching top spot is New Zealand, a country known for its love of cars. With nearly nine cars on the road to every 10 people, this figure is notably high considering that children make up about 20% of the population.

Many countries produce luxury car brands. However, Germany and the United Kingdom produce the most luxury car brands. German luxury automakers are Audi, BMW, Mercedes, Porsche, Maybach, and Bugatti, a luxury brand owned by Volkswagen.

It now costs $106,000 to be allowed to buy a car in the world's most expensive city for drivers. Singapore has a 10-year “certificate of entitlement” system, introduced in 1990, to control the number of vehicles in the city-state.

Car ownership costs vary significantly by state, with California, Nevada, Florida, New York, and Washington being the most expensive due to high costs of insurance, fuel, sales tax, and vehicle depreciation.

Its price was estimated to be around $27.8 million and is the most expensive new car of all time. Bugatti La Voiture Noire. Bugatti La Voiture Noire: This technical masterpiece is unique in the automobile world and a true mechanical highlight.

China is the largest automobile market worldwide, both in terms of demand and supply.

Of the seven countries with the lowest rate of car ownership in the world, six are African: Burundi, The Central African Republic, Ethiopia, Rwanda and Tanzania all have a rate of 1 car per 1,000 population, according to the current figures (2005 or later).

In Asia the cheapest cars are all found in China; in North America, they're in Mexico; in South America the cheapest cars are in Chile; between Australia and New Zealand, the cheapest cars are in the latter; and in Europe the cheapest cars are in Russia.

Which country has cheapest luxury cars? ›

When looking to buy an exotic car at a more affordable price, consider countries like Mexico, the UAE, Germany, and Japan. Therefore, make sure to research the market, compare prices, and inspect the vehicle thoroughly. Also, consider the additional costs involved in shipping the car back home. Happy car hunting!

What's the Cheapest Car in the World? The cheapest car in the world is the Tata Nano. Tata Motors designed the Nano with the goal of allowing families in India to own vehicles at an affordable price. The first Nano was only 100,000 rupees or slightly over $1,400.

Largest Car Manufacturer in the World – Volkswagen, Germany

Headquartered in Wolfsburg, Germany, Volkswagen is the largest automaker in the world by sales. Founded in 1937, Volkswagen delivered over 8.9 million vehicles globally in 2021, cementing its position as the biggest car manufacturer worldwide.

Pondicherry (Puduch*erry)

The Union Territory of Pondicherry is one of the cheapest places in India to own a car. The road tax structure of the state is elaborate. The road taxes in Pondicherry range between 6% - 9% based on the ex-showroom price of the car.

Los Angeles is the car capital of the county.

THE world's most expensive real estate market is in Monaco. A million US dollars spent on property located in the glamorous European city-state, known for attracting the world's rich and famous, fetches just 172 square feet, according to real estate agency Knight Frank.

Monaco remains the most expensive residential real estate market worldwide, with the average price per square meter at $48,150. Hong Kong has some of the most expensive real estate markets in the world, an average residential property in Hong Kong costs about $1.2 million.

In Asia the cheapest cars are all found in China; in North America, they're in Mexico; in South America the cheapest cars are in Chile; between Australia and New Zealand, the cheapest cars are in the latter; and in Europe the cheapest cars are in Russia.

The cost of buying and owning a car requires just under half (46 per cent) of the average American yearly salary – the lowest affordability percentage of all countries analysed,' the study found. Australia (57 per cent) and Canada (64 per cent) complete the top three most affordable countries to own a car.

When looking to buy an exotic car at a more affordable price, consider countries like Mexico, the UAE, Germany, and Japan. Therefore, make sure to research the market, compare prices, and inspect the vehicle thoroughly. Also, consider the additional costs involved in shipping the car back home.