Cars are so scarce worldwide that some models are not available at all. Inventories are extremely low, mostly due to a shortage of microchips used in car electronic and infotainment systems. Dealers have started to charge above the manufacturer’s suggested retail prices, which has angered manufacturers who do not want resentful customers.
The problem has cost much of the car manufacturing industry greatly. Some companies have needed to shutter assembly lines, and many have posted poor financial results in recent quarters. Fortunately for many Americans, cars have stayed on the road longer than ever, with an average of over 12 years since purchase in 2021. Some models have high percentages of cars that have been on the road for over 200,000 miles.
Car prices vary by country. Some of the countries where cars are most expensive are, ironically, poor and have impoverished populations. These include Iran and Angola, according to The Global Economy. Others are considered rich countries, including Singapore and Bermuda.
The recent Cost of Buying a Car Around the World report from product and service comparison website Confused.com looked at sports cars, sport utility vehicles, hatchbacks and electric vehicles. For purposes of comparison, the study used the Ford Mustang as its sports car. It has been one of the top-selling sports cars in America since it was launched in 1964. Based on occasional redesigns, it has gone through six generations. Recently, Ford released an electric version.
Unit sales of the Mustang peaked in the 1960s, but U.S. sales have remained above 70,000 most of the past 10 years.
The United States is the second cheapest country to buy a Mustang in, with a base price of $27,205. In countries where the cost is high, the number is several times that. It is highest in Cambodia, at $145,000. Cambodia is among the poorest countries in the world, according to the World Factbook. Gross domestic product per capita is $4,200, which ranks it 180th in the world.
These are the 10 most expensive countries in which to buy a sports car:
- Cambodia ($145,000)
- Norway ($124,204)
- Denmark ($123,180)
- Netherlands ($118,924)
- Thailand ($110,091)
- Portugal ($106,751)
- Argentina ($101,995)
- Brazil ($96,828)
- Ecuador ($92,990)
- Estonia ($91,531)
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.