Understanding the Cost of Ownership for Car Brands

Getting a car can seem like a dream come true, especially if it’s a ride you’ve been dreaming for a long time. That fresh and pristine smell of a new car is worth dreaming of, indeed. But don’t be lulled by that fantasy alone – the price you pay to get the car home is just the beginning. There are other costs related to owning your brand new ride, such as taxes, maintenance, repairs, and more.  

This article will help you understand the various expenses of any vehicle in the long run. It also highlights some brands that offer budget-friendly options. 

Understanding the True Cost of Car Ownership 

The true cost of owning a car is more than just the sticker price that you pay to actually own it. You have to add in taxes, repairs, operational, and maintenance costs into considetaion.

But what’s more intriguing is that each make and model has varying ownership costs depending on dozens of factors, including availability of spare parts, engine sizes, fuel economy, and more. Let’s dive a bit deeper into these factors. 

Components of Car Ownership Cost 

Let’s learn more about the different elements that contribute to the total cost of car ownership:

• Vehicle Maintenance Costs: Includes routine tasks like oil changes, tire rotations, brake inspections, and general repairs.
• Fixed Costs: Yearly expenses such as purchase price, sales tax, insurance, licensing, and registration fees remain constant.
• Operational Costs: Fluctuate with driving habits and include fuel, parking fees, and tolls.
• Depreciation: Value loss depends on vehicle type, mileage, and condition.
• Insurance Costs: Vary by vehicle type, driving history, insurance history, and location.
• Licensing and Registration Costs: Fees vary by location, such as between Northern and Southern Ontario.

Considering the Maintenance Costs by Car Brands

Different cars coming from different makes typically has a degree of variations in maintenance and parts costs. . For example, Hyundai is known to have a relatively low maintenance costs, as is the case with Toyota and Honda. 

These brands provide the best value for basic maintenance, and those looking for an economical car to maintain go for these brands. 

On the other hand, cars higher-end brands like Mercedes and BMW are typically more expensive to maintain and repair. This is usually because of the complex technology used in their cars , plus the higher-quality materials for replacements. 

Cars with sporty or premium trims often come with higher-performance components, such as expensive tires and advanced tech features. When these parts require service or replacement, the costs can be substantial.

Which Car Brands is the Cheapest to Own?

Domestic brands such as Ford, Chevrolet, and Dodge are considerably cheaper to maintain than luxury brands. 

For instance, the oil change for the Ford F-150 ranges between $50 to $75, but you’ll have to pay between $135 and $175 to do the same for BMW 3 Series cars.

Since many of the parts used in domestic automobiles are normally available in many outlets, repairs are easy to come by, making automobiles from domestic brands financially manageable in the long run.

How to Manage Long-Term Car Ownership Costs

Following are some tips to help you keep the car running well and to reduce long-term ownership costs:

• Frequent servicing: Follow the manufacturer’s schedules for checking tires, changing oil, and inspecting batteries and brakes.
• Smart Driving Habits: Smooth driving without a tendency to corner hard will reduce wear and add years to your car’s life.
• Shop Around for Insurance: A comparison of insurance quotes allows one to get the best rate.

Additional Considerations

Looking beyond the basic purchase price, there are additional resources available to help you assess the overall cost of ownership for a specific vehicle.

If you’re considering getting a used car from reliable domestic brand, like Chevrolet, you can use the Chevrolet Window Sticker by VIN to check its original MSRP, fuel economy, taxes, and interior material, and other details that can help you gauge the maintenance cost.