Buyers seeking the best value cars on the market may consider the winners of the NRMA’s Open Road awards covering ‘real-world ownership’ costs for 120+ vehicles. Price is one thing but genuine value over the ownership of the vehicle is quite different.
With most Australian households and businesses facing budgetary pressures with high inflation, getting value for every dollar spent is a high priority, whether at the supermarket or the car dealership. But trying to find which motor vehicle does offer that value can be a very challenging task. Where do you start and where do you go to get statistics and performance figures to compare?
That help is now available. Open Road, an NRMA publication, has launched an awards program that looks at the value aspect of motor vehicles specifically. While some other car awards programs do include a best value category, this program focuses totally on that aspect.
The results – the winners and highly commended vehicles – may give buyers some very helpful information when looking for a new car that will deliver value over the ownership cycle. We cover off on the program and give you information on further adding to your vehicle’s value with financing at highly competitive interest rates.
Open Road Best Value Cars Awards
When reviewing the judges’ decisions of a car awards program, buyers should pay close attention to how the winners were decided. That is, the judging guidelines or criteria used and what cars were selected for judging.
The Open Road program selected entry level or standard models as they offer the best value pricing. The categories cover the most popular in the Australian new car market – SUVs, EVs, small, hybrids and utes.
Around 4,000 calculations covering over 120 vehicles were completed to arrive at the results. The calculations covered the costs of insurance, fuel with prices at a national average, fuel consumption, electricity for EVs, rego, servicing, replacement tyres and depreciation. The depreciation value was calculated at the 5-year ownership point.
The result was a rating which the organisation considers an indication of ‘real world ownership’ value for the vehicles assessed. More detail on the specifics may be found at the awards website.
Winners – Best Value Cars
After all those calculations and assessments, which vehicles came out on top for value? The one that came out as the overall winner was the MG 3. This model also won the category for Small Cars.
Buyers in the market for a family car may want to take a look at the winner in that category, the MG QS. The BYD Shark 6 came out as the best value dual cab ute. In the very popular SUV segment, the Suzuki Ignis won the small category, the Chery Tiggo7 PHEV the medium, and the Skoda Kodiaq was deemed the best value large SUV.
EVs and hybrid vehicles have surged up the sales charts in the past few months with buyers clearly keen to save on fuel costs. But which models actually represent the best value? The calculations reveal the BYD Atto 1 for an EV and Toyota’s Yaris for hybrid buyers. Some of the models that were highly commended include the GWM Ora 5, KGM Musso ELX, Kia Picanto Sport Manual and the Honda ZR-V VTiX.
Comparing these models with which are actually selling best according to the FCAI’s monthly sales figures, none of these best value cars were in the August top 10 best sellers but BYD, Toyota, MG, Chery, GWM and Kia are all in the top 10 best-selling brands for that month.
Enhance a Value Purchase with Your Best Value Cars Finance
The Open Road program definitely went into great depth with its calculations for the costs of owning a new vehicle over a 5-year period. But when financing is required to make the purchase, buyers should also take into account the costs of their financing. Value or the best deal with finance typically means the lowest interest rates and monthly payments for most buyers. But achieving those objectives may not be a straightforward process. Rates vary with credit products, lenders, and for the individual buyer.
Using our expert brokers with access to a large lender market and the expertise to match you to your most suitable lender, can be a major help in securing your best possible car loan interest rate. We focus on being highly competitive which buyers can clearly see when comparing our rates with others. Using our Car Finance Calculator and the appropriate interest rate for a personal car loan or business vehicle finance, buyers can see not only monthly payment estimates but the total interest that a loan will accrue over the term. This is a key figure when assessing ownership costs and seeing how a lower rate delivers significant savings over the repayment term.
When requiring finance for a new car, buyers may be presented with credit offers from dealers. This is a widely used practice and may appear convenient and timesaving. Before committing, we advise buyers to ensure they fully understand any promotional rates as these are often only for a short period. After that expires, the rate may increase substantially.
Your Jade broker will be handling your application and sourcing your most affordable finance to ensure your best value car also delivers great finance value.
For great value finance on the best value cars, connect with Jade Finance.
DISCLAIMER: NO LIABILITY IS ACCEPTED IF ERRORS OR MISREPRESENTATIONS ARE FOUND IN THIS ARTICLE. THE ARTICLE IS PREPARED AND PRESENTED FOR GENERAL INFORMATIVE PURPOSES AND IS NOT INTENDED TO BE THE SOLE SOURCE OF INFORMATION FOR MAKING FINANCIAL DECISIONS. THOSE REQUIRING GUIDANCE AND ADVICE SHOULD CONSULT A FINANCIAL ADVISOR.
