I guess the formal word should be "automovil" to refer car and spanish speakers would understand you, so CARRO is often use in latinoamerica but is not formal, if you have contact with latinos to speak you can use CARRO or COCHE and latinos understand it, but I guess is it unformal. it is depend of places or people when you are envolving.
I'm mexican and I always say COCHE, but almost people in mexico say CARRO. this word depend of the context too,