KDKA.com Consumer Web Extras
Mar 7, 2008 6:53 pm US/Eastern
Consumer Reports Adds Up Total Vehicle Costs
(KDKA)
While the sticker price is a big concern for many people looking for their next vehicle, experts say it is also important to consider how much it costs to own the car over the next several years.
Experts say that no matter what your looking for on the inside or what's on the sticker, expenses like gas, maintenance, repairs, sales tax, insurance and depreciation can add up in the long run.
"Consumer Reports has come up with a way to compare the real cost of owning a car based on assumptions such as fuel cost, your car usage, repairs and the like," says Rick Paul, of Consumer Reports. "It turns out that a cheaper car can cost you a lot more to own over the long run than a more expensive alternative."
This Mitsubishi Lancer costs $5,000 less to buy than a Mini Cooper, but if you trade it in after five years, experts say you may have actually paid $3,000 more to own the Lancer.
Consumer Reports says the most expensive car in the survey was the Mercedes-Benz sl550 and the least expensive was the Toyota Yaris.
"Part of the reason it's easier on things, it's a smaller more lightweight car," says Kevin Kinsella, of Rohrich Toyota. "It doesn't take as much brake pressure to bring the car to a complete stop. Not as much pressure on the tires, the tires last longer."
"Our assumptions may not apply precisely to you," adds Paul. "But our calculations show that car buyers should really consider the long-term cost of owning a car, not just the purchase price."
Meanwhile, Consumer Reports has set up a free calculator on their website if you what to find out the total five-year cost of a new car or even the one currently in your driveway.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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