HOW much will you pay for your next car?
The answer may depend not just on the make and model you choose, but also on where you live in Australia.
It turns out that a consumer who is purchasing a car in Northern Territory could spend quite a bit more than someone shopping for the same make, model, and year in NSW, Victoria, or even Queensland.
PriceMyCar analysed the cost differences between states and territories in-depth in a recent study designed to help consumers save money on new vehicles. 60,000 prices over a six-month period went into generating the price differential numbers.
The price variances compared to the national average were as follows:
- 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%.
Keep in mind that these averages were across all makes and models. The least expensive place to buy a vehicle turned out to be NSW, followed by Victoria. The most expensive place turned out to be NT, followed by SA. Prices in Queensland, ACT, and Tasmania are not too far off from the national average, but they are still not ideal.
If you do the math, you will see that buyers in NT are spending, on average, 1.97% more than consumers shopping for vehicles in NSW. The gap between Tasmania and Australian Capital Territory, on the other hand, is a mere 0.02%—almost negligible.
Why does it cost so much to purchase a new vehicle in Northern Territory? A combination of high distance and low competition tends to drive up rates. It simply is not as economical to make and sell vehicles in NT. By contrast, NSW and VIC offer higher accessibility and competition, bringing down rates. Plus, economies of scale come into play.
In some cases, you would actually be lucky to only be paying around 2% more for a vehicle in NT. There are some makes of cars which are even harder to find a good deal on. Compared to the average price across the country for a Kia, for example, NT prices come out to around 6.32% more for that make of vehicle. That could amount to thousands of dollars.
While PriceMyCar has done consumers a good turn by compiling this data and summarizing it into a form which is easy to understand at a glance, the site hasn’t stopped there.
If you are shopping for a vehicle anywhere in Australia, you can view real recent Aussie car prices data both in your local area and throughout the country. The site also partners with a network of certified dealers to offer exclusive discounts to customers who register an account.
In the past, there was never this level of transparency when it came to comparing automotive quotes. Most services provide estimates rather than displaying real prices.
But now, with PriceMyCar’s detailed study on cost variances along with price comparison and discount services for registered users, consumers in Australia have the knowledge and tools they need to get a competitive bargain.
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