Switzerland is the most affordable European country in which to own a car, ahead of the Republic of Ireland and Luxembourg, a new study has found.
The research, carried out by Vignetteswitzerland.com, considered factors including fuel prices, vehicle taxes, and insurance costs in various European markets, also taking into account average salaries.
Each country was then afforded a score out of ten, with countries boasting a higher score more affordable in which to own a car.
Switzerland drives ahead
Despite boasting a high standard of living, Switzerland had the lowest expenses associated with fuel, taxes, and insurance when subtracted from the average net salary of €5,569, the study found. The country was awarded a score of 10 out of 10 as a result.
The Republic of Ireland earned a score of 7.72, with its monthly average gross salary of €3,367 making it accessible for residents to own a car.
Luxembourg, in third with a score of 6.83, scored well due to its high monthly salary (€3,699) and low average fuel price, of €1.29 per litre.
In fourth, France earned a score of 5.43, ahead of Spain in fifth, with a score of 5.18.
At the other end of the scale, Norway, Finland and Turkey are the countries in which car ownership is the least affordable – Norway earns a score of 0.76, Finland is on 0.57, while Turkey scores zero, with the high contrast between the average monthly salary of €627 and the average car price of €38,642 making it the most expensive European country in which to own a car.
Read more: What is the most affordable European capital in which to live?
Car ownership affordability
“In today’s dynamic economic climate, understanding the nuanced factors influencing car ownership affordability is crucial for individuals and policymakers alike,” commented M.E.Wijnmalen, CEO of Vignetteswitzerland.com.
“Switzerland’s position as the most affordable country for car ownership is not a result of low expenses, but a testament to its balanced economic policies.
“Similarly, Luxembourg’s strong economy makes it a top choice, offering affordability without sacrificing quality. France and Spain also provide a balanced mix of reasonable costs and favourable conditions, ensuring a diverse landscape of affordable car ownership in Europe.”
Most Affordable European Countries for Car Ownership
| Country | Score (out of 10) |
|---|---|
| Switzerland | 10 |
| Republic of Ireland | 7.72 |
| Luxembourg | 6.83 |
| France | 5.43 |
| Spain | 5.18 |
| Netherlands | 5 |
| Austria | 4.9 |
| Denmark | 4.69 |
| Germany | 3.95 |
| Italy | 3.84 |
| Sweden | 3.78 |
| United Kingdom | 3.1 |
| Greece | 2.93 |
| Belgium | 2.27 |
| Portugal | 0.92 |
| Norway | 0.76 |
| Finland | 0.57 |
| Turkey | 0 |
Methodology
A total of five factors were used to compile the index. The raw data for each factor was cleaned, checked and standardised on the same scale from 0 to 10, where 0 and 10 represent the worst and best values present in the data, to allow for accurate comparison between factors. Factors for which a high score would be negative were subtracted from 10 to invert their scoring. A weighting was then assigned to each factor reflecting its importance within the analysis. Once the weightings were assigned, the total score for the factors was calculated, producing an overall index score out of 10 for each entry, upon which the final ranking is based.
