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Transcribed

Real Cost of Vehicle Ownership

REAL COST OF VEHICLE OWNERSHIP WHEN YOU LOOK AT THE RETAIL STICKERS ON NEW VEHICLES, YOU MAY FIND THE PRICES ARE SIMILAR FOR THE MAKES AND MODELS YOU FIND ATTRACTIVE. SO WHICH SHOULD YOU BUY? THE BEST ANSWER IS NOT NECESSARILY BASED ON THE STICKER PRICES. YOU SHOULD LOOK AT THE COST OF OWNERSHIP. IT's POSSIBLE THE MORE EXPENSIVE VEHICLE COSTS YOU LESS TO OWN AND RUN OVER A FIVE YEAR PERIOD. 2$ COST OF THE VEHICLE OWNERSHIP COST OPERATING COST DECLINE INCREASE AUTO LOAN IS PAID OFF REPAIR DEPRECIATION EASE MAINTENANCE WHAT FACTORS SHOULD YOU TAKE INTO ACCOUNT FOR SPECIFIC MAKES AND MODELS? $8,946 THE AUTO LOAN REPAYMENTS VARIES DEPENDING ON BOTH THE RETAIL PRICE AND THE AMOUNT ANNUAL COST OF OF INTEREST YOU AGREE TO PAY OWNERSHIP (2012) 000 11% INTEREST OF THE COST OF OWNERSHIP OVER FIVE YEARS BUYING WITH A BANK OVERDRAFT IS THE CHEAPEST ROUTE BECAUSE YOU CAN OFTEN GET A DISCOUNT ON THE RETAIL PRICE IF YOU OFFER CASH $1,058 5% NATIONAL ANNUAL AVERAGE TAXES FOR SALES AND FEES TAX ONCE YOU DEDUCT THE SALES TAX ON A NEW VEHICLE, THE VEHICLE WILL COST TO OWNERS LOSE VALUE FAST IN THE IS ABOUT THE SAME AS REPAIRS/ FIRST 3 YEARS MAINTENANCE DEPRECIATION 65% 52% 48% AVERAGE MODEL DEPRECIATION OVER FIVE YEARS THE COST OF OWNERSHIP OVER FIVE YEARS USED CARS ADE WORTH MORE THAN THEY WERE A YEAR AGO, WITH A DEPRECIATION DROP OF 4.9%, WHICH MEANS A NEW CAR PURCHASE MAY HOLD ITS VALUE A LITTLE BETTER THAN BEFORE. WHEN DECIDING TO BUY SECONDHAND, ALWAYS CHECK THE MAKES AND MODELS TO SEE WHEN YOUR LOSS IN VALUE FOR YOUR CHOICES SLOWS DOWN. IF YOU KEEP THE VEHICLE FOR EIGHT RATHER THAN FIVE YEARS, THE AVERAGE COSTS OF $7.800 OWNERSHIP FALLS TO JUST ANNUALLY BECAUSE THE DEPRECIATION SLOWS SIGNIFICANTLY AND THE AUTO LOAN HAS BEEN PAID OFF TIRE PRICES ARE UP $1,028 4.2% BECAUSE THE COST OF RAW MATERIALS HAS INCREASED ANNUAL AVERAGE SPEND ON GAS $2,475 20 MILES/GALLON ------ --------- car A $1,650 car B 30 MILES/GALLON 15,000 MILES $4,125 savings with car B over 5 year period REPAIRS/MAINTENANCE Repairs/maintenance EXCLUDING TIRES COST $353 represents about 4% of the cost of ownership over five years 10% CAR INSURANCE REPRESENTS ABOUT OF THE COSTS OF OWNERSHIP OVER FIVE YEARS $1,001 AVERAGE CAR INSURANCE POLICY RATE THE FIVE LEAST EXPENSIVE VEHICLES TO OWN TOYOTA PRIUS C $5,000 TOYOTA COROLLA BASE $5,250 HONDA FIT $5,250 SMARTFORTWO $5,500 HONDA FIT (SPORT) $5,500 THE FIVE MOST EXPENSIVE TO OWN BMW 740LI $21,500 MERCEDES-BENZ S550 $20,500 AUDI A8 L $20,000 JAGUAR XJL $19,000 CADILLAC ESCALADE Ș$17,250 PRODUCED BY SAFECAR.INFO RESOURCES: www.AUTOBLOG.COM, WwW.BANKRATE.COM, wwW.EDMUNDS.COM, WwW.CONSUMERREPORTS.ORG PER YEAR

Real Cost of Vehicle Ownership

shared by bulatus on Apr 16
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It’s possible the more expensive vehicle costs you less to own and run over a five year period.

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