What is Edmunds True Cost?
The Edmunds True Cost to Own® (TCO®) calculator is a tool that looks at the 5-year costs of owning a vehicle, including some you might not have considered. These extra costs include depreciation, interest on your loan, taxes and fees, insurance premiums, fuel costs, maintenance and repairs.
What is the total cost of owning a car?
For vehicles driven 15,000 miles a year, average car ownership costs were $9,561 a year, or $797 a month, in 2020, according to AAA. That figure includes depreciation, loan interest, fuel, insurance, maintenance and fees.
How much does it cost to maintain a car annually?
In 2017, AAA found that, on average, new vehicles cost $1,186 each year to maintain and repair. In this example, maintenance, car insurance and fuel add $351.50 to the monthly cost of owning a car.
What is the SUV with lowest cost of ownership?
10 of the Cheapest SUVs to Own
- Mitsubishi Outlander ES — $38,740.
- Hyundai Santa Fe Sport — $38,591.
- Subaru Outback 2.5i — $37,035.
- Jeep Wrangler Unlimited Sport — $35,601.
- Jeep Wrangler Unlimited Sport — $35,382.
- Jeep Wrangler Sport — $34,978.
- Jeep Compass Sport — $34,373.
- Subaru Crosstrek 2.0i — $34,110.
What is the most cost effective vehicle to own?
The 12 Cheapest Cars To Own And Operate
- Lexus LS.
- Audi A5.
- Buick Verano.
- Chevrolet Impala.
- Honda Accord.
- Hyundai Veloster Turbo.
- Toyota Corolla.
- Chevrolet Spark. If you don’t mind driving a subcompact car, i.e. a very small vehicle, than the Chevrolet Spark is the best one to choose in terms of affordability.
What are the three biggest expenses when buying and owning a car?
Insurance, registration, and emissions tests are all fees that many states require drivers to get. In addition, there are ongoing and routine costs such as gasoline, replacement parts, and repairs.
What is the average cost of owning a car per month?
In 2021, the average car costs $42,258 with an average payment of $563 per month, according to data from Kelley Blue Book and LendingTree. Beyond the sticker price and payments, however, there are the costs of gas, insurance, oil changes and other expenses car owners need to consider.
What car brand cost the most to maintain?
According to YourMechanic, BMWs cost the most to properly maintain—they’re also known for experiencing breakdowns which can cost you up to $3,688. Luxury car brands typically require more lump sums of money to maintain because of how they’re built.
What is the cheapest car to drive per mile?
Toyota Prius
According to a recent study, the Toyota Prius is the cheapest car to drive, clocking in a price of $0.07 per mile.
What is the Edmunds true cost to own® calculator?
The Edmunds True Cost to Own® (TCO®) calculator is a tool that looks at the 5-year costs of owning a vehicle, including some you might not have considered. These extra costs include depreciation, interest on your loan, taxes and fees, insurance premiums, fuel costs, maintenance and repairs.
What is true cost to own®?
The Edmunds Inc. True Cost to Own ® (TCO ®) pricing system calculates the additional costs you may not have included when considering your next vehicle purchase. These extra costs include: depreciation, interest on your loan, taxes and fees, insurance premiums, fuel costs, maintenance, and repairs. Search here to view the TCO ® of any vehicle.
How do I view the true cost to own® of a vehicle?
Search here to view the TCO ® of any vehicle. The Edmunds True Cost to Own® (TCO®) calculator is a tool that looks at the 5-year costs of owning a vehicle, including some you might not have considered. These extra costs include depreciation, interest on your loan, taxes and fees, insurance premiums, fuel costs, maintenance and repairs.
What’s the cost of owning a luxury compact SUV?
For this example, let’s look at three common competitors among luxury compact SUVs: the 2018 Acura RDX, the 2018 BMW X3 and the 2018 Mercedes-Benz GLC 300. While all three have similar prices, the estimated five-year cost of ownership ranges from $55,538 for the RDX up to $71,580 for the X3.