Canada has some of the cheapest car prices in the world
Overall, Canada has the best prices overall. Six out of the nine models we compared were cheapest in Canada, including the Toyota Corolla, Mazda 3, Mazda CX-5, Mitsubishi outlander, Subaru Forester and Jeep Grand Cherokee.
On the other end of the scale, Peru had some of the most expensive prices overall, followed closely by South Africa and then Colombia. Peru was the most expensive for the Jeep Grand Cherokee, the Mazda 3 and Mazda CX-5, while South Africa was the most expensive for the Mitsubishi Outlander, the Toyota Corolla and the Honda Civic.
Peru was the most expensive overall as Colombia and South Africa had a couple of models where prices were cheaper than most other countries on the list, leaving Peru with the highest average of all countries compared.
Where does Australia stand?
In comparison, Australia is precisely in the middle behind Canada, the USA and New Zealand, but above South Africa, Peru and Colombia. In fact, the highly popular Toyota Hilux was the most expensive in Australia in comparison to every other country. Other models that were more expensive in Australia than most other countries included the Ford Ranger and Honda Civic.
The table below shows the prices for car models in each country, using US dollars.
Car prices across the world (USD)
|Brand and model||Australia||Canada||USA||New Zealand||Peru||Colombia||South Africa|
|Jeep Grand Cherokee||$60,251||$42,110||$41,530||$58,894||$84,990||$83,998||$73,145|
|Note: local currencies were converted into USD on 24/03/2023 using Google’s currency converter tool. Prices accurate as of 27/03/2023 but subject to change.|
South Africa has highest car price to disposable income ratio
When car prices are compared to disposable income, South Africa has the worst car price to disposable income ratio, followed by Colombia and then Australia. The USA has the best ratio, followed by Canada and New Zealand.
The table below shows how many years of disposable income are needed in each country to buy each specific car.
Note: the data source used for disposable income did not have data for Peru, so Peru was removed from this comparison.
Car prices compared to disposable income (USD)
|Brand and model||Years of disposable income in Australia||Years of disposable income in Canada||Years of disposable income in USA||Years of disposable income in New Zealand||Years of disposable income in Colombia||Years of disposable income in South Africa|
|Jeep Grand Cherokee||1.609||1.223||0.811||1.509||6.416||7.832|
|Note: disposable income data was sourced from the OECD Better Life Index on 28/04/2023.|