REVEALED: The cheapest and most expensive cars to run
GLADSTONE residents love their cars, and why wouldn't they, after a recent report has shown the cost of owning a car has fallen to its lowest levels since 2010.
The Observer asked its social networks to share photos of their vehicles, and were inundated with comments from local car lovers.
It comes as RACQ's annual Vehicle Running Costs survey revealed lower interest rates, cheaper fuel and more competitive insurance prices in 2014 helped to reduce the upward push of costs in recent years.
The annual survey examined 111 popular vehicles across 13 categories; taking into account all the expenses associated with normal car ownership including purchase price, interest, fuel, new tyres, insurance and depreciation.
The cheapest car to own and run in Queensland was a Suzuki Celerio costing just $5187 per year, with the most expensive car a Nissan Patrol Y62 ST-L (4wd) V8 costing a whopping $23,059.
RACQ Executive Manager Technical and Safety Policy Steve Spalding said the cost of owning some new vehicles on the market dropped by as much as $20 per week.
"Small cars, medium cars and large vehicle owners are benefitting from the lowest running costs since 2010," Mr Spalding said.
"But despite the five-year low, Queensland is still one of the most expensive states to run a vehicle in the country."
Mr Spalding said depreciation and fuel were some of the highest costs for motorists and if they wanted to see significant savings, downsizing was still the most affordable option.
"Unlike the weekly fuel bill, depreciation is a hidden cost that most owners don't think enough about and it only becomes apparent when the vehicle is traded," he said.
"If you are serious about cutting back then downsizing, which typically means a cheaper and more fuel-efficient smaller vehicle, is the best way to see real savings.
"For example, buyers who opt out of a large car in favour of a small car could see their bank balance improve by more than $4000 per year or $77 a week."
The full survey results can be found here