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Colombia Third Most Expensive Country in the World for Car Ownership


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Colombia is the third most expensive country in the world for car ownership – Credit: A.P. / Colombia One

Colombia is the third most expensive country in the world for owning a car. This is according to Scrap Car Comparison, after studying 40 countries based on the expenses associated with buying and maintaining a vehicle. The study analyzed the cases of two of the most popular cars: the Volkswagen Golf and the Toyota Corolla.

The parameters taken into account include acquisition costs, insurance, repairs, fuel consumption, and the average annual salary in each country. The results placed Turkey as the top country with the highest costs for both purchase and maintenance. In Turkey, it takes more than six times the average annual salary to acquire and maintain a new vehicle.

In fact, Latin America occupies seven of the top ten positions in terms of the highest costs, along with Turkey, Ukraine, and Russia.

On the other hand, Australia and the United States emerged as the two countries where acquiring a vehicle is more affordable, as a person can end up investing half or even less than half of their annual salary to maintain it.

Costs of a vehicle in Colombia

For many Colombian households, owning a vehicle is an unattainable desire, despite the advantages and conveniences it provides in terms of mobility and safety. Not only is there a problem with the high volume of cars on urban roads, with never-ending traffic jams turning the daily commute into a small ordeal, but the country is also one of the most expensive in the world for purchasing and maintaining an automobile.

Colombia ranks third, after Turkey and Argentina, on the list of countries where owning a vehicle is most costly. One aspect highlighted by the study is the high cost of mandatory insurance (SOAT), which currently has an average cost of 412,000 pesos. Other high costs include the technical-mechanical inspection, with an annual expense of 260,000 pesos.

In addition to Argentina and Colombia, other Latin American countries that also feature in the top ten of the ranking are Uruguay, Brazil, Guatemala, Mexico, and Costa Rica.

Decline in sales in the country

Between January and August, 118,527 new vehicles were registered, representing a 30% decrease in sales compared to the same period in 2022. The decrease in sales is especially significant for new cars.

In August of this year, the number of new vehicles in Colombia experienced a nearly 40% decline. According to the National Transit Registry (Runt), only 14,801 new cars were sold in August.

Similarly, commercial vehicles saw an even greater decline. Specifically, the drop was 59%. In terms of numbers, this means that from 1,874 units in August 2022, it decreased to 766 in August of this year.

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