Fair Dinkum, Down Under Indeed Are Our Car Prices, Mate
Do you live in Australia and are still reeling from the last car you bought like some regretful mistake made after last night’s post-game drunken stupor? Na mate, I’ll tell yer what…go ahead, pop another champagne, especially if you’re in Queensland where the sun must truly shine. Car prices come in at $924.05 cheaper than its closest sibling, South Australia. And that’s just the prices we enjoy at home. Did you know, conversely, if you lived under a very different sun, such as one emanating from a very tiny tropical island nation in Southeast Asia—Singapore, the sun scorches rather than shines. I’m not talking just about the torrid weather they endure but the car prices are just sweltering.
In Singapore, a Toyota Camry 2014 model will set you back by S$150,000-160,000 (A$139,282). Wait a minute, are we still talking about cars and not land prices in some Queensland suburbs? That’s right. In Singapore they don’t get the concept ‘drive away with no more to pay’. I bet Australians can’t either if their government, as they do in Singapore, charged you excise and registration duties of about 150 percent of your vehicle’s market value, including as a pre-requisite to owning a car; a legal document called a ‘Certificate of Entitlement’ (COE) worth tens of thousands of dollars. Imagine that. Fancy paying for an official permit just to own a car! The COE grants its holder the ability to register, own and use a vehicle for a period of 10 years. The cost of this permit alone in 2013 would have bought a new BMW M3 in America or an Audi Q5 in Hong Kong. To have a quick glance at how lucky Australians are, take a look at this quick price guide on the always popular 2014 Toyota Corolla around the world.
No wonder stylish, zealous and enterprising Singapore now outranks Japan as the most expensive city in the world for expatriate living and again bags the top spot as the most expensive country in the world to buy a car. It is after all, a formidable powerhouse of commerce and finance in Asia reportedly counting some of the world’s top billionaires amongst its residents, including Facebook co-founder Eduardo Saverin. Even our very own mining heiress Gina Rinehart, whom the world knows to be Australia’s wealthiest person, has acquired property there.
Unlike the miniscule yet densely populated Singapore, Australia is blessed to enjoy wide, open spaces without the need to rid road congestion or curb pollution by making it almost impossible for its citizens to own a car. While a mid-sized sedan like the Camry is priced like a luxury car here in Australia, the astonishing fact is how much more a small compact Honda Jazz fetches there, a cool S$112,999(A$100,318)!
Thank goodness Aussies can simply drive their Camry away for a mere A$28,990, and rev away in their Jazz for a mere A$16,990. Surely some of these facts will quickly sober us up and make us thank our…(southern cross) stars? Well, many Aussies aren’t appeased as they still gripe about why they still pay way above their Western counterparts in America for a luxury model like a Lexus LS460, at a mammoth retail of A$191,200 while an American only parts with a third of this at below A$67,000. Well if it helps, the LS460 would set you back by almost half a million bucks in Singapore.
Even if we consider Singapore an extremity for the enormity of price differences, let’s consider how Australia compares with the United States. We’re a lot smaller as a market, and our taxes are staggering for cars: there’s GST payable, luxury-car taxes (one of the highest in the world by the way) and import taxes. We’re also heavily legislated with very specific Australian guidelines for emission and design specifications that increase rather than decrease the cost of our cars. Geographically speaking, being ‘Down Under’ disadvantages us further by way of more costly shipping routes that stack up the total expenditure. These costs can make the decision to import a vehicle from overseas a difficult one. However, don’t despair as there are many ways to help reduce your car finance repayment by talking with 360.
Still think we have a raw deal compared to America? Well, they may pay a lot less to drive but we perhaps do enjoy a better-designed car made at higher standards thanks to our legislation. As the adage goes “You get what you pay for”.
There is no question that we are the blessed few in the world who can afford some of the best made cars on the planet, especially with the affordable car finance that 360 customers receive. Call 360 today for the sharpest finance deal to help you save even more on your new wheels, often a prized possession that some in the world can only dream of owning in one’s lifetime.