Suzuki Swift named cheapest new car to own and operate

RACQ05/11/2024

RACQ has crowned the Suzuki Swift Hybrid the cheapest car to own and operate in 2024, with a driveaway price of just under $30,000.

Queensland’s peak motoring body crunched the numbers on the running costs* of 87 cars available on the Australian market, across 12 different categories.

RACQ’s Motoring Editor Ged Bulmer said for Queenslanders in the market for a new car, the Club’s analysis could help them save thousands in ongoing running costs.

“In the Light Passenger category, the Suzuki Swift Hybrid came in as Queensland’s most affordable car to own and operate, costing $910.49 a month to run,” Mr Bulmer said.

“It’s a sign of the times that buyers need almost $30,000 to purchase the most cost-effective Light Passenger car because just four years ago, there were multiple entrants priced at or below $20,000.”

For motorists looking to purchase an electric vehicle, Novated Leasing was helping to bring operating costs down, largely due to generous Fringe Benefit Tax exemptions.

“If you have stable employment or own your own business, leasing an EV through a Novated Lease can significantly bring down the costs and will eliminate the need to spend money on fuel,” Mr Bulmer said.

For those wanting to purchase, rather than lease, an EV the MG4 was the most cost-effective fully electric vehicle.

“When we look at the popular Small Passenger category, the MG4 was just $72 per month more to own and operate compared to the cheapest petrol car, the MG5 Essence,” Mr Bulmer explained.

EV prices continue to fall due to increased competition from manufacturers however for those looking to purchase (not lease) an EV, the Queensland Government’s $6,000 rebate is no longer available.

“It’s important for people to also remember that a lower purchase price doesn’t always equate to lower overall costs,” Mr Bulmer explained.

“For example, in the Medium SUV category the Mazda CX-5 Touring AWD costs almost $5,000 less to purchase than the Hyundai Tucson Hybrid N Line 2WD, but the Hyundai Tucson came in as the cheapest model in the class due to lower running costs.

“In the Large SUV category, the Subaru Outback AWD was the cheapest car to own and operate, its victory secured largely due its purchase price of just under $50,000.”

Read the full Vehicle Operating Costs report here.

Costs of cheapest cars in popular categories:

Vehicle category	Vehicle make and model	Monthly expense	Annual expense	Total 5-year expense
Light passenger	2024 Suzuki Swift Hybrid MY24	$910.49	$10,925.93	$54,629.66
Medium passenger	2024 Mazda 6 G25 Sport 4D Sedan	$1,232.17	$14,786.04	$73,930.19
Medium SUVs	2024 Hyundai Tucson Hybrid N Line	$1,464.59	$17,575.03	$87,875.14
Large SUVs	2024 Subaru Outback AWD	$1,473.67	$17,683.99	$88,419.94
All terrain	2024 Mitsubishi Pajero Sport GLX	$1,591.07	$19,092.83	$95,464.14
Light commercial 4x4	2024 GWM Ute Cannon (4x4) Dual Cab	$1,391.24	$16,694.83	$83,474.13
Novated Lease**	MG4 Excite 64	$759.96	$9,119.56	$45,597.79 (plus a balloon payment of $12,502.31)

*Total costs were calculated using registration, insurance, fuel, servicing, and tyres based on 15,000 kilometres/year for five years. Loan repayments over 5 years if purchase was fully financed through RACQ Bank.

**Novated Lease calculated assuming an annual income of $100,000. The lease cost also includes registration, insurance, fuel, servicing, and tyres based on 15,000 kilometres/year for five years.

Suzuki Swift named cheapest new car to own and operate

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