The most expensive & cheapest countries to own a car

The study is also said to have factored in the average cost of vehicle insurance, fuel prices and repairs to determine the ownership costs.

As per a recent study, Australia ranks as the cheapest country to own a car, requiring only 49.48% of the annual salary to own and run a car. The study also states that the USA ranks second, requiring 54.87% of the annual income while Denmark completes the top 3 with 60.34%.

Further down the list is Canada and Sweden requiring 64.40% and 75.84% of the annual salary, respectively. Countries like Germany, Netherlands, France, UK and Finland are positioned much lower in the top 10 list.

Moving to the opposite end of the scale, Turkey ranks on top as the most expensive country to own and run a car, requiring a staggering 652.29% of your annual salary. Argentina came second on this list with 515.77%, Colombia in third with 508.93%, while Uruguay and Brazil completed the top 5 with 443.68% and 441.89%, respectively.

The top 10 most expensive countries in which to own a car also included Ukraine, Guatemala, Russia, Mexico and Costa Rica.

In terms of the methodology used to ascertain the figures, the study is said to have used the same car models (Toyota Corolla & Volkswagen Golf) across the board for a more even comparison. The study is also said to have factored in the average cost of vehicle insurance, fuel prices and repairs to determine the ownership costs.

The cost was then compared to the country's average yearly salary to determine the exact percentage figure. Having said that, the study took into account only 40 countries whose average cost data was readily available.

Source: Scrapcarcomparison