How much will that new car really cost
By Eric Evarts
Note: Consumer Reports has no relationship with any advertisers on MSN.
Whatever you're comfortable spending on a car, the cost of buying it will be dwarfed in the long run by ongoing expenses in depreciation, fuel, insurance, financing, maintenance and repair, and more. Consumer Reports has gone to great lengths to estimate owner costs for nearly every new car that's currently on sale. And we found some surprises:
For example, you could save more than $7,000 over five years by buying a Toyota Highlander SUV instead of a Ford Explorer, even though the Highlander costs $3,000 more up front. The Highlander makes up for its higher sticker price in lower depreciation and maintenance and repair costs over the years.
Depreciation makes up by far the largest cost of owning any car, comprising up 48 percent of the cost over the first five years. Fuel comes in a distant second at 24 percent.
Many consumers are concerned about the cost of maintenance and repairs. But even on the most expensive cars, mechanics' bills don't add up to half the cost of depreciation on the cheapest car in our survey.
Insurance is another cost that can take people by surprise. For example, while other costs on small cars are low, insurance costs are higher than with larger cars. The Chevrolet Cruzecan cost almost twice as much as a similarly priced Volkswagen Jetta year.
Our own cost comparisons bring these differences to light, and the information is readily available on our model pages. There you can see how much it costs to own a car for 1, 3, 5, and 8 years. We'll be digging deeper into the data here on the blog in the days ahead. In the meantime, here are a few of the most and least expensive cars to own, by category.
| Make, model & type | Cost/yr over 5 years | Make, model & type | Cost/yr over 5 years
| ||
| Sporty cars & convertibles | Small SUVs | ||||
| Best | Mini Cooper Hatchback Base | $5,750 | Toyota Rav4 (4-cyl.) | $7,000 | |
| Worst | Jaguar XK | $19,000 | Cadillac SRX | $11,750 | |
|
Small cars |
Midsized SUVs | ||||
| Best | Toyota Prius c | $5,000 | Chevrolet Equinox | $8,000 | |
| Worst | Chevrolet Cruze Eco | $7,500 | Jeep Grand Cherokee (V8) | $12,750 | |
|
Family sedans |
Large & luxury SUVs | ||||
| Best | Toyota Camry Hybrid | $6,500 | Ford Flex(V6) | $10,500 | |
| Worst | Volkswagen Passat (V6) | $9,250 | Cadillac Escalade (base) | $17,250 | |
|
Upscale cars |
Wagons & minivans | ||||
| Best | Buick Verano (2.4) | $7,750 | Toyota Prius V | $6,000 | |
| Worst | Chrysler 300 C | $11,500 | Volvo XC70/Chrysler Town & Country | $10,750 | |
|
Luxury cars |
Light-duty pickups | ||||
| Best | Hyundai Genesis 4.6 | $11,000 | Toyota Tacoma (V6) | $8,500 | |
| Worst | BMW 750Li | $21,500 | Chevrolet Avalanche | $13,000 | |
Read more at Consumer Reports:
Never buy a lease return, or rental no matter how inexpensive it is. Most people that lease dont give a hoot about maintaining the vechicle just driving it. The dealer or manufacturer cares not either, otherwise they would have mandatory maintence written into the lease agreement. If you didnt have your radiator flushed lets say at 50k, your lease would be terminiated. Same thing for rentals, if that was the case I would consider buying one...
"Those that place flash and bling above reliability will always pay more for their vehicles in the long run."
If you look at all of these lists, it shows that maintenance & repair is at a lowly 6%, and that is after 8 years of ownership. As the diagrams show, and as Beekster has pointed out, the biggest chunk lost is through depreciation. I plan on driving my current "flash and bling" vehicle, as you put it, until the day it dies and that will be MANY years from now. They aren't as unreliable as you like to think they are, especially if they are maintained properly. The largest issue with these vehicles, when looking at pre-owned, is abuse from the original owner and lack of proper care.
" I don't think that the graph shows that people are CHOOSING not to spend money on maintenance and repair, it simply shows that as the vehicle ages, your repair costs are going to go up."
I wasn't implying that people choose to not do service, as time goes on, and was merely stating the fact that there are a great deal of individuals that ignore their scheduled maintenance.
"Japanese vehicles are typically a better choice because they take abuse better."
Funny, as the individuals I talk to, in the gear head circles, will all argue the exact opposite and will even provide some lovely facts to back it up.
In the end, there really is no point in you and I discussing this as we both have our facts and we both have our own conclusion already formed. We are simply beating our heads against the wall on the topic at hand. I actually do pity you some, and not in an egotistical or belittling fashion, as you are forever trapped behind an econo box. I know, I know, you've stated you get your kicks with 4x4 or jet skies, and I respect that, but my passion is on the asphalt. It always has been and always will be. I eat a higher insurance cost, and depretiation as they are the ONLY things that have been higher as I've never had any true/real break down or issues with my sports cars, to greater appreciate the feel of the car.
Honestly, I could care less what others think of my vehicle so it isn't about the attraction of what others think about my car. It is about the connection to the machine and the feel of it on the road. This is why there are those of us that still choose manual, and you know whom they are on these forums even. After driving them for a little, you don't even need to look at the tach as you KNOW when it is time to shift them from the sound of the engine to the pull/push of the engine. It is a beautiful thing and I wish that you can experience it one day. If that isn't your thing at all then I wish you years of enjoyment on the dirt roads with your 4x4 and hope you enjoy the waters as well.
I was told not to sell my 2001 Toyota Corolla. It is about 4,000.00 for trade in!
It has 84000.00 miles and runs like a top!!! I will drive it until it is no longer safe.
I am up to date with all repairs and just purchased 4 new tires. Better than buying
a new car!!!!....
Walnut Creek, California
Maintenance is very important, I know because I manage a fleet of vehicles, but all vehicles are not built at the same quality level. All of my vehicles are maintained by the book but some brands are in my shop much more than the others. The reason for that is that some are not built as well as others. I am not saying that any of the brands are "junk" but there is certainly a difference, it is well documented and proven.
I don't think that the graph shows that people are CHOOSING not to spend money on maintenance and repair, it simply shows that as the vehicle ages, your repair costs are going to go up.
I do, however, agree that you need to be concerned about how well a vehicle has been taken care of if you are going to make a used car purchase and also know that as a used car purchase, Japanese vehicles are typically a better choice because they take abuse better.
Get ready for all of the claims of BS and bias!
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