With 10.2 years being the age of the average vehicle, Australians make it a habit to regularly replace old vehicles with new ones. But where can they get the best prices?
A new study by PriceMyCar sheds some light on this question, revealing new car price differences between states and territories.
Examining six months’ worth of data incorporating 60,000 prices in all, the researchers noted how far above and below the nationwide average prices tended to be in each location. You can view the findings below:
- Northern Territory: +1.54%
- South Australia: +0.99%
- Western Australia: +0.54%
- Tasmania: +0.20%
- Australian Capital Territory: +0.18%
- Queensland: +0.14%
- Victoria: -0.34%
- New South Wales: -0.43%.
So, except in Victoria and New South Wales, costs for new vehicles range above average nationwide. But in those two states, they dip below the national average.
Given its remoteness, perhaps it is not surprising that buying new cars in Northern Territory is significantly more expensive than shopping for comparable vehicles elsewhere in the country.
This is also consistent with what the government reports regarding auto registrations. As of January 2019, there were fleet increases everywhere but NT, where the drop was -0.5%. Meanwhile, in Tasmania, where prices are not too far above average, the increase was highest—about 2.6%.
Increases also were strong in ACT, QLD, and VIC. These are also some of the most affordable places in Australia to buy a new car. In fact, as you can see, Victoria is one of the only places where prices are actually below the national average, by -0.34%.
The only state where new cars are cheaper is New South Wales, where the variance below the national average is -0.43%.
All told, if you are shopping for a vehicle in NSW, you will be paying nearly 2% less than you would be if you were buying one in NT. If the vehicle you are purchasing is $35,000 (the median cost of a new car), you’ll end up spending $700 less just by buying it in NSW rather than NT. And if you are buying a more expensive car? Your savings could be in the thousands of dollars.
Of course, state or territory is just one of the factors which can impact the cost of a new car in Australia. The dealer which a consumer selects will make a difference too, as will the exact timing of the purchase.
To make it easier for consumers to find the most competitive new car prices throughout Australia, PriceMyCar offers a free comparison service which provides actual prices, not just price estimates.
Through its network of certified dealers, the site also offers guaranteed discounts to members. You can read the full results of the study on state and territory new car prices differences at PriceMyCar. You can also sign up for an account if you are looking to save on your next vehicle.