Malaysia Automotive Institute (MAI) chief executive officer Madani Sahari said passenger cars prices in Malaysia had always been perceived to be higher than in other Asean countries.
"Undeniably, at first glance of the sales prices comparisons of popular models, the claim appeared to be true, except when compared to prices in Singapore," he said.
Madani said in a non-subsidised petrol scenario, Malaysia's CVO would rank third compared with its Asean counterparts and still largely cheaper than Thailand and slightly less than in Indonesia.
The CVO is based on the purchase price of the car and its running cost, inclusive of registration fee, insurance premium, road tax and petrol cost should be computed for a predetermined period for the car to be driven by the individual.
Malaysia has the second lowest CVO after the Philippines, mainly due to its cheaper petrol and a relatively lower annual road tax and insurance premium.
"Compared with Thailand and Indonesia, the CVO in Malaysia is lower by 39 per cent and 12 per cent, respectively," he said.
Most critical is the cost of petrol in running a vehicle, whereby Malaysia has the lowest petrol price due to it being subsidised. Thailand has the highest petrol price, followed by Singapore, Indonesia, Vietnam and the Philippines.
It is worth noting that Malaysia imposes the lowest road tax and registration fees among Asean countries, parallel to that of the Philippines, Thailand and Vietnam.
Singapore and Indonesia currently have much higher yearly road tax and registration fees, amounting to 577 per cent and 442 per cent more to that of Malaysia.
Meanwhile, the annual insurance premiums of vehicles in Malaysia, the Philippines and Vietnam are among the lowest in the region.
In Thailand, Singapore and Indonesia, it is much higher compared to Malaysia in the order of 210 per cent, 175 per cent and 126 per cent, respectively.
Madani said the price of a Honda City and Toyota Vios of the 1,500cc segment sold in Thailand is the cheapest in Asean, lower by 40 per cent on average to the sales price in Malaysia.
"Similarly, the prices of these two marques in the Philippines, Indonesia and Vietnam are also lower by 32 per cent, two per cent and 1.8 per cent on average, respectively," he said.
The prices of the popular models are highest in Singapore, citing the Toyota and Honda models, which are higher by an average of 137 per cent compared with Malaysia.
'Cheaper to own cars in Malaysia'
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