If you think you have it bad with the gas prices on the ever increase, the list of the most expensive countries to buy and own a car in might just make you think otherwise. Compared to these countries, if you are in US or Australia, you actually have it pretty easy. Purchase prices of cars can be notably higher in some countries than others. A Scion FR-S or a Mercedes can end up costing you a bomb. But, the initial investment is just the beginning of the string of spending you will be making as a car owner, because even the maintenance costs are sky high when you are in these countries.
Some countries have particularly high taxes in place on cars while some other make up through registration charges in order to control traffic and discourage general increase of cars causing congestions on roads. Taxes for ordinary cars also sometimes match up to the taxes levied on luxury cars in other countries. And then the higher petrol and gas prices also add to the overall cost tag that a car owner ends up with at the end of the year. Which means public transport can be a better idea than investing in a personal car for natives and expats equally.
Also check out our list of Top 15 Most Expensive Countries in the World – 2014, which gives you a rundown of the countries where general prices are relatively higher and where overall living costs can prove to be considerably more than anywhere else in the world.
For now, let’s take a look at which the most expensive countries to buy and own a car are, where expenses can be a tough deal for car enthusiasts and speed junkies!
Even though Cuba’s market had been “liberalized” in 2011, little progress has been made in the automotive market. The state still holds a monopoly on new car sales and sets prices at insanely high levels. A Peugeot 508 can end up costing $2, 62,000. While the overall low-incomes doesn’t make the situation any better.
9. North Korea,
Cars in North Korea are not only scarce but only a luxury that only the elite can have access to. If you have a good standing in the political party, you can own a Pweonghwa car. But even then imports of spare parts might be restricted by sanctions.
8. St. Kitts and Nevis,
The two-island country in the West Indies imposes high taxes on import of cars and hence the prices can end up at a scary figure. However, car rentals are a good idea for transport; also, consumers can have an alternative – buying second-hand cars that are relatively more feasible.
7. United Kingdom,
Car prices in the UK are over 50% higher than elsewhere in Europe. The extra-cost is somewhat attributable to the British Specification, sky touching insurance and the high value of the pound. Volkswagen and Audi cars are priced the highest.
Brazil’s ridiculously high car prices are owing to taxes, high labor costs and scarce availability of raw materials. Prices can be double of what Mexicans end up paying with maintenance costs being no joke either. A $16,000 Corolla in the USA can very well be priced at $25,000 in Brazil.
The Chinese car market is a relatively new one but has been doing exceptionally well. Even then car prices are especially high in the country making it one of the most expensive countries to buy and own a car in. For an Audi A6 2.4 you could end up paying over $62,000.
Owning a car is certainly risky business in Nicaragua. Even second-hand cars can cost you a fortune. But it is the roads and safety issues that also pose a major difficulty for car owners who are generally targeted by vandals.
Cars in Indonesia fall into the luxury category and are charged to a higher tax rate. Importing of cars can attract customs up to 300% on original value. Car prices are also exceptionally increased and a Scion FR-S can cost around $60,000.
High maintenance costs, high duties and taxes contribute to the high cost of owning a car in Malaysia. But it is also the initial investment that people in Malaysia end up making on cars that are absurd. The high prices of international brands are in lieu of boosting local players.
A Prius in Singapore can cost you a whopping $154,000. Strict regulations by the government through 100% taxes and requirements of the certificate of entitlement make it extremely cumbersome to own a car in the country. Singapore is undeniably the most expensive country to buy and own a car.