And it is not because of the price
Car prices have risen considerably in Mexico in recent years, yet they remain lower than in many other parts of the world. That the cars are comparatively cheaper does not necessarily mean that they are easier to acquire; Even with low prices, Mexico is among the countries where it is most difficult to buy and maintain a car.
A study by ScrapCarComparison yielded results on the difficulty of acquiring a new car in different parts of the world. The analysis included 40 countries, where not only the price of an average car – such as a Volkswagen Golf or a Toyota Corolla – was considered, but also the costs of insurance, repairs, and fuel, in relation to the average annual salary of each country.
Of the 40 countries considered, Mexico ranks ninth where it is most expensive to buy and maintain a new car. According to the study’s figures, it takes almost three times the average annual salary for a person to be able to buy a car and pay for all the costs involved. According to the study, in Mexico, it takes triple the average salary to buy and maintain a new car.
Mexico is not the only country in the region on that list. Seven of the 10 countries where buying a car is most expensive are in Latin America, although the highest place is occupied by Turkey, where 652% of the salary is required to buy a car. At the opposite pole, Australia is where it is easiest, with the need for only 49% of a person’s annual salary. The list is followed by the United States, Denmark, Canada and Sweden.
This study yields similar results to those we published in a report by Motorpasión México in September 2020, where we studied how many months it takes to pay for a car in different parts of the world considering the minimum wage in each country. In Australia, for example, it would take 7 months, while in Mexico it would be around 76 months.
The 10 countries where it is easiest to have a car
- United States
- United Kingdom
The 10 countries where it is most difficult to have a car
- Costa Rica