Australia's impressive automotive industry has been revelling in a successful past couple of years. More Australians are buying a new car than ever before – and thanks to the range of high-quality options we have on our roads, it's perhaps not surprising.
Lower fuel costs may also have inspired the trend. Either way, if you're looking at buying a new car, you'll be thinking about your budget. A loan may be able to help you finance what is likely to be the second-most-expensive thing you ever buy, but running costs could put a dent in your savings account if you're not careful.
For this reason, car manufacturers have been working on making greener vehicles for eco- and budget-conscious Aussies. To show you what we mean, here are the five cheapest-to-run cars on the Australian market, as discovered by Green Vehicle Guide:
1) BMW i3
BMW's all-electric hatchback has a record-low annual fuel/power cost of $541. An electric car might not be for everyone, but with such a small amount to budget for, it perhaps might become a consideration for you.
2) Mitsubishi i-MiEV
Another addition from the electric family, the i-MiEV costs only $567 to get it around town, and – as with all electric-powered vehicles – produces no carbon-dioxide emissions.
3) Renault Kangoo ZE
The Kangoo ZE is bigger than most other cars on this list (it's essentially a small van), which only makes it more impressive that Renault made it able to run off just $651 per year. If you're looking for a new work vehicle, it's the most economical of its kind around.
4) Nissan Leaf
Another completely electric small car is the Nissan Leaf. The five-door hatchback is a little larger than the other family cars on this list, though still manages to run for up to 120 kilometres of a full charge (according to Nissan), and costs $726 per year to power.
5) Tesla S
A surprise inclusion is Tesla's signature model, the Tesla S. This luxury-styled, all-electric sedan is notably quick, powerful and costs as little as $777 per year to run for the 70 kWh version. At around $157,000 for a 2015 model, it will likely take a bigger bank loan to cover. Try our toy loan calculator to see if you can afford one.
CAPE is often able to lend money for a car, home or any other item at a lower rate of interest than the big banks. As a customer-owned banking organisation, we work with more transparency and are able to offer you a great deal on a personal loan, so why not give us a try.
