You’ve picked out a new car, estimated the car payments and finance charges, and even checked insurance rates. Other than figuring out ways to save money on gas, you’ve got it all covered — or do you? The truth is most drivers would be shocked if they knew the true cost of owning a vehicle. Let’s take a look at the overall expenses that come with a few popular models:
Toyota Corolla
Due to its affordable price and dependable nature, the Toyota Corolla has broken sales records year after year as the world’s most popular car. If you’re in the market for a brand new Toyota Corolla, you can pull off the lot after paying $17,394, but the expenses don’t stop there. This car will cost the average driver a little over $30,000 if they keep it for five years and drive an average of 15,000 miles each year. Here’s the breakdown:
● Depreciation – $8,054
● Taxes and Fees – $966
● Financing – $2,277
● Fuel – $7,493
● Insurance – $7,373
● Maintenance – $3,322
● Repairs – $744
Ford Fusion Hybrid
If you think you’re saving money by going green, this eco-friendly vehicle might not be as wallet-friendly as you think. However, if saving the planet is your top priority, it might be well worth it. While a 2011 model has a price tag of $31,992, the total cost of driving the Fusion for 15,000 miles per year for five years will average out to $39,126. Let’s take a look at how this one compares to the Corolla:
● Depreciation – $16,382
● Taxes and Fees – $1,662
● Financing – $4,202
● Fuel – $5,581
● Insurance – $7,181
● Maintenance – $3,368
● Repairs – $850
Jaguar XKR Convertible
Looking for luxury, style, and performance? Then, the Jaguar XKR Convertible is for you! Believe it or not, the five-year cost of ownership on this piece of automotive artwork is barely more than the cash price. This little baby’s sticker price is $108,437, but the cost-to-own is a mere $115,941. Once you start talking about a six-figure price tag, what’s a couple more thousand out of pocket? Here’s how this little baby will work with your budget:
● Depreciation – $60,129
● Taxes and Fees – $5,326
● Financing – $14,275
● Fuel – $13,953
● Insurance – $12,677
● Maintenance – $4,676
● Repairs – $4,905
The smart fortwo Brabus
If you can’t get over those cute little all-electric smart cars zooming around town, let’s take a look at their affordability. After all, how expensive could something that doesn’t look like much more than a toy actually be? Well, this particular smart car will cost you $15,349 to buy and $28,930 to own for five years. If that sounds like a smart choice to you, here’s what you’ll be paying for:
● Depreciation – $8,447
● Taxes and Fees – $875
● Financing – $2,137
● Fuel – $6,598
● Insurance – $4,030
● Maintenance – $4,524
● Repairs – $1,779
Although these figures are sobering, most of us can’t avoid owning a motor vehicle. However, a little upfront research can go alone way to ensuring you don’t purchase a car with a low price tag and a high cost of ownership. What car expenses surprise you the most?
