Canada is the Fourth Cheapest Country to Own a Car

Think the U.S. is the cheapest place to own a car on the entire planet? You’re wrong. According to a new study by British website Scrap Car Comparison, it’s Australia.

Canada, meanwhile, ranks fourth. That’s great news for us, especially in these times of rising vehicle prices.

• Also: The Cheapest Supercars Are in Canada, New Study Finds
• Also: Canada is the Cheapest Country to Buy a Ford Mustang, Toyota RAV4

For this study, the team used two popular models including the Toyota Corolla and Volkswagen Golf (the latter is leaving North America, returning only with the Golf GTI and Golf R). Then it factored in the average cost of car insurance, repairs and fuel prices in each country.

The rankings are based on ownership costs in relation to the average yearly salary. In other words, it takes 49.48 percent of an Australian’s average yearly salary to own and operate one of these cars. 

Here are the 10 cheapest countries:

1. Australia: 49.48 percent
2. United States: 54.87 percent
3. Denmark: 60.34 percent
4. Canada: 64.40 percent
5. Sweden: 75.84 percent
6. Germany: 78.44 percent
7. Netherlands: 85.65 percent
8. France: 87.00 percent
9. United Kingdom: 89.36 percent
10. Finland: 91.58 percent

 The study also reveals that three most expensive countries are Colombia (508.93 percent), Argentina (515.77 percent) and Turkey (652.29 percent).