When you’re looking for a screaming deal on a car, it may be tempting to solely consider the purchase price of a vehicle when making a decision on whether to buy. But the sticker price alone doesn’t give you the true picture of the costs associated with owning the car.
According to Consumer Reports, it’s important to look past the purchase price and consider other car-related expenses – like depreciation, fuel, loan interest, insurance premiums, sales tax, and maintenance and repair — before you buy a car. These expenses can mean the difference between an economical vehicle and a car that costs more a month than your rent.
Consumer Reports determined that the following vehicles are the most and least expensive to own (according to five-year owner cost estimates):
- Midsize sedan: Volkswagen Passat SEL Premium V6 — $45,600.
- Luxury sedan: BMW 750Li — $106,200.
- Sports car: Porsche Boxster 2.7 (manual) — $64,200.
- Small SUV: Volkswagen Tiguan SEL — $48,000.
- Large SUV: Nissan Armada Platinum — $72,000.
- Midsize sedan: Toyota Camry Hybrid XLE — $31,800.
- Luxury sedan: Lexus ES300h — $42,000.
- Sports car: Honda Civic Si (manual) — $34,800.
- Small SUV: Subaru XV Crosstrek Premium — $34,200.
- Large SUV: Chevrolet Traverse — $51,000.
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