*this is a guest post
When shopping for a new car, most people are looking for a vehicle with enough seating and cargo space to meet their family’s needs. They are also vitally interested in safety features and ratings as well as in the sticker price to determine whether or not they can afford to purchase the car. However, some may be surprised to learn that the sticker price may not reflect the true cost to own a car.
First, one must look at annual registration fees and insurance premiums. In general, the more expensive the car is, the higher these costs will be. However, some sports cars may have higher premiums than comparably priced sedans and SUVs. Insurance agents determine their rates based mainly on a driver’s history as well as on the make, model and year of the vehicle being insured. They also look at the safety track record of the vehicle.
A second major consideration is the cost of fuel. Larger vehicles, such as pickup trucks and SUVs tend to guzzle much more gas than family sedans and crossover vehicles do. It may pay to check out a more expensive hybrid vehicle, which may actually save a great deal in fuel costs over the years.
Third, purchasers should consider the cost for maintenance and repairs. Some models are known for being consistent, reliable vehicles that can run for 100,000 miles or more with only minor repairs while others require repairs and general maintenance every few thousand miles. A reliability index can tell consumers where the vehicle they are interested in ranks.
As can be seen, some cars with lower sticker prices may actually be more expensive in the long run than the car with the higher sticker price is. The best way to determine the true cost of a car before completing a purchase is to check a car cost comparison website, such as that found at Toyota Cost of Ownership. Seeing how fees, taxes, insurance premiums and fuel costs line up over five to ten years can make a huge difference as one considers budget.
*thank you for this guest post!