When purchasing a brand-new vehicle, owners usually want to know what it will cost to drive that particular model over a long-term period. Auto makers now offer convenient tools for projecting the cost of ownership on select trims.
Fuel economy is carefully considered when the cost of ownership is calculated. For most vehicles, the fuel efficiency on the highway is much better than in the city. However, this trend does not apply to electric, hydrogen cell or hybrid vehicles. As a matter of fact, some models that run on alternative energy sources have better miles-per-gallon ratings in the city than on the highway. In addition to considering the EPA estimates on fuel economy, the grade of gasoline must also be factored into a projection for cost of ownership. There is a significant price-per-gallon discrepancy between Octane 87 and Octane 93 fuel.
Data from automobile insurance agencies is also used to estimate some of the long-term expenses of owning a particular make and model. Safety features play an important role in reducing monthly premiums on auto insurance. Some of the safest cars are equipped with digital technology that warns drivers when possible collisions might occur. For every major safety feature inside a car, a point might be awarded to the owner. Each point ultimately translates into discounts that add up to hundreds of dollars over a time span of several years.
Vehicle owners are also interested in the resale value. There are depreciation models that can predict the annual drop in price for specific cars. Data from auto dealerships is used extensively to generate such projections on resale value. In general, consumers should understand that accidents and major repairs tend to significantly lower the resale price of a car. These days, there are official databases that could be used to trace a vehicle’s history when it’s put up for sale. New model cars comparison resources also provide some insight on routine maintenance costs. Oil changes, wheel alignment, radiator tuneups, tires and brake replacements will cost thousands of dollars throughout the years.
