Autoblog

America, these are your top 10 most expensive cars to own

Zach Bowman — Fri, 25 May 2012 13:00:00 EST

Filed under: Car Buying, Performance, Etc., Audi, BMW, Land Rover, Mercedes-Benz, Nissan, Earnings/Financials, Luxury

Picking up a used luxury car is a great way to save some coin. Letting the previous owner take the fall on depreciation is a smart move, but it's worth remembering that high-end autos carry with them high-end maintenance and repair costs. Using Edmunds.com data, 24/7 Wall Street has compiled what it says are the 10 most expensive vehicles to own, and the list is populated by some not-so-surprising names. BMW and Mercedes-Benz soak up the lion's share of the offenders, though other manufactures make a showing as well. Perhaps not surprisingly, the Mercedes-Benz SLS AMG takes top honors as the most expensive of them all with a "true cost of ownership" of $245,469. That's in addition to the gullwing supercar's $210,875 MSRP.

The calculations not only factor in deprecation, but also things like fuel, maintenance and insurance costs.

All told, Mercedes-Benz models takes four of the 10 spots on the list. That's twice as many as BMW, and the rest are split between makes like Land Rover, Audi and Nissan. If that last one seems a bit out of place, keep in mind Nissan makes the mighty (and mighty complex) GT-R. Check out our gallery below for a full list of the biggest offenders.

America, these are your top 10 most expensive cars to own originally appeared on Autoblog on Fri, 25 May 2012 13:00:00 EST. Please see our terms for use of feeds.

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Average cost of car ownership rises to $8,946 per year

Chris Shunk — Fri, 04 May 2012 10:31:00 EST

Filed under: Car Buying, Earnings/Financials

We Americans sure do love the freedom of owning our own automobile, but the price of that freedom is climbing. AAA has released its 62nd annual "Your Driving Costs" study, which shows a 1.9-percent year-over-year increase in the cost of auto ownership. That's an average of $8,946 per year per car, with costs including monthly payment, fuel, maintenance and insurance.

Given the sharp rise in the cost of a gallon of petrol, it's no surprise that prices at the pump are up 14.8 percent, or an average of 14.2 cents per mile. Tire prices are up 4.2 percent, in part because material prices have skyrocketed. The average insurance policy jumped by $33 versus 2010 numbers, with an average rate of $1,001 per year.

Interestingly, used cars are worth more than they were a year ago, with a depreciation drop of 4.9 percent, which means a new car purchase may hold its value a little better than before.

If $8,946 is too rich for your blood, AAA shows that the best bet could be a smaller sedan. Compact models average $6,735 per vehicle, while 4WD SUVs top the charts at $11,360. Large sedans are close to the SUV numbers, with an average of $11,324. AAA based its findings on a driving cycle of 15,000 miles per year. Scroll down below to read the AAA press release.

Continue reading Average cost of car ownership rises to $8,946 per year

Average cost of car ownership rises to $8,946 per year originally appeared on Autoblog on Fri, 04 May 2012 10:31:00 EST. Please see our terms for use of feeds.

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NADA picks vehicles with best cost of ownership

Zach Bowman — Fri, 27 Aug 2010 13:01:00 EST

Filed under: Car Buying, Earnings/Financials

NADA picks vehicles with the best cost of ownership - Click above for high-res image gallery

We've all been there. A new car model of some variety or another strikes our fancy, we start playing around with the configurator, and before long we're staring at a nice, tidy monthly payment on the computer screen. It seems reasonable. With a little starvation and the occasional dabbling in petty crime, it might even be easy to hand over that stack of hundred-dollar bills each and every month. Then reality politely reminds us that there's more to paying for a new car than the check we write to the bank. Things like fuel, insurance, fees, taxes, repairs and maintenance can quickly add up to more than your monthly payment. There's even depreciation to factor in. The pros call all of this the cost of ownership.

Good thing, too. We've never really been too deft at pick-pocketing.

The good folk at NADA have worked up a list of vehicles with the best cost of ownership compared to their MSRP. Sure, they assumed a few variables - specifically, that the vehicles would be driven around 15,000 miles per year by someone with at least six years of driving experience, but the figures are a good operating base for your own car-buying fantasies. Check out the gallery below for the winners in their segments and then hop the jump for the full press blast.

Gallery: NADA vehicles with the best cost of ownership

[Source: NADA]

Continue reading NADA picks vehicles with best cost of ownership

NADA picks vehicles with best cost of ownership originally appeared on Autoblog on Fri, 27 Aug 2010 13:01:00 EST. Please see our terms for use of feeds.

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Long-Term Thinking: "Cost to Own" mindset grabs hold?

Sebastian Blanco — Sat, 21 Nov 2009 10:51:00 EST

2011 Chevy Volt - Click above for high-res image gallery

So many things are changing in the new automotive reality, it's hard to know where to start. Everything from the kind of hose we connect to our cars (liquid filled? electric?) to the sounds the vehicles make is different now than it used to be. What else needs to change? How about how we think about the costs to own and operate a car.

Naturally, it's always been possible to estimate this cost, but NADAguides.com has just released a "Cost To Own" calculator for new cars, so you can factor in fuel prices in your region into the cost of the car. It's entirely useful. For example, to own a 2010 Prius in Michigan for five years will cost an estimated $33,232. On top of the cost of the car, NADA tells us that the car's depreciation will make up 39 percent of the ownership costs, while fuel equals just 12 percent. A pie chart of the cost breakdown is pictured at right.

On a similar thread, Edmunds recommends a shift away from MPG and towards a cost-of-energy window sticker on a new car. With all of those electric plugs being added to cars, MPG is becoming less valuable and relevant to our understanding how much it costs to get around. Two quick examples: per month, Edmunds estimates it'll cost $53.55 to drive the forthcoming Chevrolet Volt, but $66.78 to operate a Prius. Check out their chart here, and remember that according to a recent study, more efficient vehicles can (and often do) cost less.

[Source: NADAguides.com, Edmunds]

Continue reading Long-Term Thinking: "Cost to Own" mindset grabs hold?

Long-Term Thinking: "Cost to Own" mindset grabs hold? originally appeared on Autoblog on Sat, 21 Nov 2009 10:51:00 EST. Please see our terms for use of feeds.

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STUDY: Despite insurance breaks, hybrids driven more, cost more to fix, and get more tickets

Chris Shunk — Thu, 16 Jul 2009 19:29:00 EST

Filed under: Maintenance, Trends, Hybrid, Lifestyle

2010 Honda Insight EX - Click above for high-res image gallery

Conventional wisdom is that hybrid vehicles reduce our dependence on foreign oil and emit fewer environment hurting CO2 emissions. When comparing a hybrid to a conventional gasoline-powered model on a mile-by-mile basis, there's some logic to this argument provided the pricing disparity between the two models isn't too broad. However, a new study by Quality Planning shows that hybrid owners drive much more than non-hybrid owners, potentially negating the benefits of the added battery pack and electric motor.

Quality Planning studied nearly 360,000 vehicles throughout 2007 and 2008 to analyze driving habits, and some of the study's findings are pretty surprising. According to the survey, hybrid and non-hybrid drivers have statistically similar commutes, but hybrid owners drive their vehicles 25% more (2,000 miles) in non-commuting scenarios.

Dr. Raj Bhat, president of Quality Planning, thinks part of the reason for these findings has something to do with the fact that high mileage drivers are typically more interested in hybrids than infrequent drivers.

"What we don't know is whether owning a hybrid vehicle encourages people to drive more miles each day or take more pleasure trips. High-mileage drivers appear to be attracted to these vehicles, so insurers should take steps to verify the intended use of hybrids and validate actual miles driven wherever possible."

The study also shows that hybrid owners are significantly more likely to receive traffic tickets. According to the survey, Toyota Prius owners received .38 tickets per 100,000 miles driven, versus a non-hybrid average of .23 tickets per 100,000 miles. That's a 65% differential. One possible explanation for the ticket disparity has to do with where hybrid owners live. Quality Planning found that hybrid owners are more likely to live in an urban setting, where tickets are more frequently issued.

If you really want a hybrid and you don't want to hear any more bad news, you should stop reading. QP also found that repair costs are significantly higher for hybrid owners. The Ford Escape Hybrid, for example, costs 31% more to repair than the gasoline-only model, while repairing the Toyota Highlander Hybrid will reportedly add 45% more cost. A recent report by IntelliChoice that found that, in the long-term, hybrids and diesels are actually cheaper than gasoline-only vehicles.

The text below illustrates how much on a per dollar basis hybrid repair costs for collision and comprehensive coverage versus one dollar for a non-hybrid. The disparity is shrinking every year, but according to QP, hybrids still cost more to fix. Hit the jump to view the Quality Planning press release.

Collision Comprehensive
Coverage Coverage
2006 Hybrid Models $1.16 $1.75
2007 Hybrid Models $1.09 $1.35
2008 Hybrid Models $1.13 $1.17

Gallery: Review: 2010 Honda Insight EX

[Source: Quality Planning via Marketwire]

Continue reading STUDY: Despite insurance breaks, hybrids driven more, cost more to fix, and get more tickets

STUDY: Despite insurance breaks, hybrids driven more, cost more to fix, and get more tickets originally appeared on Autoblog on Thu, 16 Jul 2009 19:29:00 EST. Please see our terms for use of feeds.

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High tech equals high repair costs - just like it's always been

Eric Bryant — Tue, 13 Jun 2006 14:02:00 EST

Filed under: Car Buying, Maintenance

Any time that we start to see a hint of paradigm shift in the auto industry, it's mandatory that the detractors come out of the woodwork with stories of woe. For example, in the article linked below, we learn that someone can get taken for a $8,000 ride to replace one of Toyota's hybrid transmissions.

But, people tend to forget that OEM parts and shop labor for recently-introduced vehicles have always been expensive. Those that don't work on newer vehicles - or those that don't ever touch their own vehicle - get used to ultra-cheap refurbished components. Take the Wayback Machine to 1976 and look up the price for a brand-new carburetor, distributor, or hubcap; one would surely leave "the vapors" after adjusting for inflation. Fast-forward to 1986 and get a quote for a fuel injector, mass airflow sensor, or aluminum wheel, and our prospective consumer had better break out the smelling salts. While we're popping the balloon of nostalgia, don't forget that modern vehicles spend far less time in the shop.

Two things are definitely true when it comes to repair costs. First, modern cars are indeed more expensive to repair after a collision. Blame the switch from big chrome bumpers and body-on-frame structures to energy-absorbing crash technology for that. The upside is that those parts perish so that the vehicle's occupants don't have to. Second, it usually goes that the more expensive the vehicle, the more expensive the repair bills, so be careful when buying a depreciated luxury barge that will soon need be in need of TLC.

[Source: MSN Money]

High tech equals high repair costs - just like it's always been originally appeared on Autoblog on Tue, 13 Jun 2006 14:02:00 EST. Please see our terms for use of feeds.

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