The sleepy city of Hobart can bang its chest a little harder with the news it offered the cheapest car loan in the country this time last year. Beating the competing cities by a matter of cents, the good people of Hobart could pick up a car loan for an average cost of $121.57 per week. The next best was Brisbane ($121.69) and Darwin ($121.71), while the heavier populated Melbourne ($122.14) and Sydney ($121.82) came in last and fourth respectively.
On the regional town front, Launceston also took out ‘gong’ for the cheapest car loan. For the full results check out the charts below to see how each capital city and (some) regional towns ranked:
Weekly car loan payment costs
The full story – it’s not all rosy over the Bass Strait…
While Hobart did claim the most affordable car loan, it ranked second to last for affordability when you factored in other costs like fuel, rego, insurance etc against the typical household’s income. Hobartians spent just over 16% of their total income on transport costs during Q4. The only city to fair worst was Brisbane with a whopping 16.35% of their wallets being chewed away by transport costs.
Thinking of splashing some cash on a new car this EOFY?
If you have your heart set on an EOFY deal, check out the article we wrote about the best time to buy a car (as far as deals average car loan prices go), here.
For more information about how the estimations were calculated for each city in Australia, check out the aaa.asn.au Affordability Index.
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