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Author	Topic: The real costs of owning a car	Post a Reply Back to Topics

ziyulu Champion Author Oklahoma City Posts:8,634 Points:1,629,600 Joined:Aug 2007	Message Posted: May 3, 2012 3:14:19 AM Ignore ziyulu Report Abuse When buying a car, think beyond the purchase price. To understand a car's real cost, take into account how much you'll be spending on it over time. For example, a new Honda CR-V EX and Kia Sorento LX both cost about $25,000, but the numbers look very different after five years of ownership. Depreciation: Use the comparison tool at Intellichoice.com to get an estimate for what you'll pay now versus what the car will be worth by the time you trade it in. "Look carefully at how well the car holds its value, especially if you're taking out a long loan," says Kris de la Cuesta of Intellichoice. Value lost after 5 years: Honda CR-V: $13,143; Kia Sorento: $16,590. Visit CNN for full article

ziyulu

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Oklahoma City

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Message Posted: May 3, 2012 3:14:19 AM

Ignore ziyulu Report Abuse

When buying a car, think beyond the purchase price. To understand a car's real cost, take into account how much you'll be spending on it over time.

For example, a new Honda CR-V EX and Kia Sorento LX both cost about $25,000, but the numbers look very different after five years of ownership.

Depreciation: Use the comparison tool at Intellichoice.com to get an estimate for what you'll pay now versus what the car will be worth by the time you trade it in.

"Look carefully at how well the car holds its value, especially if you're taking out a long loan," says Kris de la Cuesta of Intellichoice.

Value lost after 5 years: Honda CR-V: $13,143; Kia Sorento: $16,590.
Visit CNN for full article

REPLIES (newest first)Ignore Short Messages

kenji554 Champion Author Charlotte Posts:1,217 Points:533,070 Joined:Jun 2011	Message Posted: May 4, 2012 3:15:11 AM Ignore kenji554 Report Abuse I told my kids the same thing when they bought their first cars which were used. Dont just budget on the monthly payment, expect additional maintenance and running cost. Thats just part of owning something like a car, house, boat, etc.
Rich1430 All-Star Author Indiana Posts:764 Points:277,500 Joined:Mar 2012	Message Posted: May 3, 2012 11:14:58 PM Ignore Rich1430 Report Abuse This being reported by CNN make me wonder if the price statisticsthe give are either a little bit to somewhat inflated. I do not trust CNN for anything they report to be truth and/or accurate.
blupupher Champion Author Houston Posts:3,690 Points:774,770 Joined:Feb 2011	Message Posted: May 3, 2012 8:21:39 PM Ignore blupupher Report Abuse make sure you know what your getting.
ExplorerWA Champion Author Washington Posts:4,231 Points:823,895 Joined:Feb 2011	Message Posted: May 3, 2012 7:39:58 PM Ignore ExplorerWA Report Abuse Cars are expensive.......Wow!
me2002 All-Star Author Toledo Posts:763 Points:319,205 Joined:Dec 2011	Message Posted: May 3, 2012 4:07:29 PM Ignore me2002 Report Abuse Resale value. My only consideration when I'm selling my car is how much it weighs and the current value per ton of scrap! [Edited by: me2002 at 5/3/2012 7:07:05 PM EST]
md11capt Champion Author Denver Posts:3,558 Points:728,430 Joined:Mar 2011	Message Posted: May 3, 2012 11:44:51 AM Ignore md11capt Report Abuse Shocking.
Hamish Champion Author Ontario Posts:21,956 Points:2,324,560 Joined:May 2003	Message Posted: May 3, 2012 11:04:23 AM Ignore Hamish Report Abuse Who keeps a car for 5 years?
schatzila Champion Author Los Angeles Posts:5,084 Points:1,043,345 Joined:Jun 2010	Message Posted: May 3, 2012 10:34:16 AM Ignore schatzila Report Abuse Thought this would be an in depth article with actual facts for more than a few cars.
CapriceWagon Champion Author Washington Posts:1,009 Points:502,870 Joined:Feb 2008	Message Posted: May 3, 2012 8:36:48 AM Ignore CapriceWagon Report Abuse I buy cars that are old enough they can't depreciate anymore, then I fix them up, drive them, and sell them for more than what I paid for them. I do all my own maintenance, keep an Excel spreadsheet for each vehicle, and know exactly what needs what and when.
BlueLesPaul2006 Veteran Author Delaware Posts:401 Points:93,350 Joined:Mar 2010	Message Posted: May 3, 2012 8:09:51 AM Ignore BlueLesPaul2006 Report Abuse All transportation cost are way to high.
AlfaAirbeds Rookie Author Trenton Posts:35 Points:142,005 Joined:Apr 2012	Message Posted: May 3, 2012 7:56:51 AM Ignore AlfaAirbeds Report Abuse Mustang is the best performance car to own in the way of cost of ownership...
Cothrom Champion Author South Carolina Posts:1,853 Points:751,525 Joined:Sep 2005	Message Posted: May 3, 2012 7:33:34 AM Ignore Cothrom Report Abuse And some, are just noticing this now! :)
Dr Gas Champion Author Twin Cities Posts:3,285 Points:360,205 Joined:May 2004	Message Posted: May 3, 2012 7:07:55 AM Ignore Dr Gas Report Abuse I don't, and all my relatives and frineds DO NOT think about or care about what the value of the car is after I want to get rid of it. Who cares? You buy it and then you sell or trade it. Unless you buy new and then get rid of it in LESS THEN 7 years, you can't relly be thinking - Gee I wonder if I'll get a good price for this after I want to trade it in! Those that buy new every 5 years - to bad you have all that money to waste! I'll take some of that extra cash you have!
Skunk63 Champion Author Phoenix Posts:2,687 Points:585,000 Joined:Oct 2011	Message Posted: May 3, 2012 7:00:04 AM Ignore Skunk63 Report Abuse Pretty elementary.
Nancy&Len Champion Author Cleveland Posts:2,173 Points:1,969,615 Joined:Sep 2004	Message Posted: May 3, 2012 5:45:46 AM Ignore Nancy&Len Report Abuse Most people really have no idea.
mamaontheroad Veteran Author Columbus Posts:285 Points:88,920 Joined:Jul 2011	Message Posted: May 3, 2012 5:42:28 AM Ignore mamaontheroad Report Abuse good analysis ....... not just for the kids.
MetroSexual Champion Author New Hampshire Posts:3,004 Points:316,380 Joined:Aug 2005	Message Posted: May 3, 2012 5:36:49 AM Ignore MetroSexual Report Abuse This should be mandatory education in high schools. It would actually be a useful tool instead of the usual garbage that public schools disseminate.
BEGTWO Champion Author Maryland Posts:2,072 Points:750,640 Joined:Sep 2010	Message Posted: May 3, 2012 5:14:16 AM Ignore BEGTWO Report Abuse DANG!!!!
Evilmaddog Champion Author British Columbia Posts:3,461 Points:984,275 Joined:Aug 2010	Message Posted: May 3, 2012 5:12:26 AM Ignore Evilmaddog Report Abuse money pit
GingoutMD Champion Author Maryland Posts:3,495 Points:713,305 Joined:Jan 2010	Message Posted: May 3, 2012 5:05:47 AM Ignore GingoutMD Report Abuse TCO, or total cost of ownership, is very important when buying a car. The sticker price is just the most obvious cost.
badbonita Champion Author Syracuse Posts:6,361 Points:1,380,435 Joined:Jul 2008	Message Posted: May 3, 2012 5:03:18 AM Ignore badbonita Report Abuse All very important things to take into consideration. Also, location of where you live - if you live in a high crime area, your insurance may be higher than if you lived in a low crime area. I moved 2 miles, unknowingly shifted from medium to low and my insurance was cut by nearly a third. [Edited by: badbonita at 5/3/2012 8:03:25 AM EST]
gs7101 Champion Author San Antonio Posts:5,653 Points:395,795 Joined:Jun 2009	Message Posted: May 3, 2012 5:01:44 AM Ignore gs7101 Report Abuse There's always a downside to anything -- most vehicles start to lose value when they are driven off its lot.
doeslayersr Champion Author Illinois Posts:9,297 Points:898,730 Joined:Dec 2010	Message Posted: May 3, 2012 4:56:42 AM Ignore doeslayersr Report Abuse Actually, AFTER the car is out of warranty, you need to be prepared to spend about $120 a month in repairs and maintenance over the remaining time you have the vehicle. You may go a year, without a big repair or maintenance item,, but then be prepared for a $800-$900 or more repair item or just a regular maintenance item, like new tires. Or to get the transmission fluid changed, a brake job, A/C work, new alternator, battery, water pump, etc. [Edited by: doeslayersr at 5/3/2012 7:57:35 AM EST]
gandalfthegrey1 Champion Author Houston Posts:1,184 Points:384,785 Joined:Feb 2011	Message Posted: May 3, 2012 4:54:56 AM Ignore gandalfthegrey1 Report Abuse There's a saying here that no matter what you buy, it depreciates $10,000 soon as you drive it off the lot. Like others here, I keep a car until it flips over and kicks off the tires.
TerrySawchuk All-Star Author British Columbia Posts:850 Points:305,395 Joined:Jun 2011	Message Posted: May 3, 2012 4:49:27 AM Ignore TerrySawchuk Report Abuse Imports are the way to go.
bluestang96 Veteran Author Ohio Posts:268 Points:107,865 Joined:Mar 2012	Message Posted: May 3, 2012 4:38:09 AM Ignore bluestang96 Report Abuse I like having a car but the thought of never having to worry about insurance, gas, and maintenance but the idea of living in a city with efficient mass trans does sound appealing.
dave27johnson Champion Author Chicago Posts:1,818 Points:432,095 Joined:Feb 2012	Message Posted: May 3, 2012 4:35:20 AM Ignore dave27johnson Report Abuse Maintenance costs and reliability matter.
cmptrmush Champion Author Detroit Posts:3,750 Points:765,470 Joined:Feb 2011	Message Posted: May 3, 2012 4:34:09 AM Ignore cmptrmush Report Abuse Personnally I don't need to worry too much about depreciation costs since I usually buy a car and drive it until it dies. But I do look at dependability, since I don't want to be taking the car to the shop every other week to get something fixed.
Rockinrobby Veteran Author Tallahassee Posts:444 Points:276,990 Joined:Mar 2011	Message Posted: May 3, 2012 4:17:57 AM Ignore Rockinrobby Report Abuse Sometimes depreciation can be surprising. We were very surprised when we went from Harley's to BMW. BMW depreciation much higher, but it makes it nice to pick up a used one.
amoshins Champion Author Trenton Posts:2,301 Points:667,020 Joined:Apr 2011	Message Posted: May 3, 2012 4:07:44 AM Ignore amoshins Report Abuse I never look at Depreciation, since I will keep it until it is nearly dead - and fully depreciated
335d1 Champion Author Virginia Posts:2,519 Points:785,770 Joined:Feb 2011	Message Posted: May 3, 2012 3:59:26 AM Ignore 335d1 Report Abuse Worth a look when buying a new car.
bullet226 Champion Author Toronto Posts:2,716 Points:534,915 Joined:Nov 2010	Message Posted: May 3, 2012 3:55:42 AM Ignore bullet226 Report Abuse A lot
farmboyTN Champion Author Tennessee Posts:2,361 Points:471,755 Joined:Feb 2012	Message Posted: May 3, 2012 3:36:12 AM Ignore farmboyTN Report Abuse OK
daequitz Champion Author New Jersey Posts:6,437 Points:1,409,080 Joined:Jan 2007	Message Posted: May 3, 2012 3:22:22 AM Ignore daequitz Report Abuse All good points.
pscamp Champion Author Ottawa Posts:3,517 Points:499,910 Joined:May 2011	Message Posted: May 3, 2012 3:19:26 AM Ignore pscamp Report Abuse And colour, don't forget. Red=tickets
yardslave Champion Author Oklahoma City Posts:2,692 Points:623,530 Joined:Dec 2005	Message Posted: May 3, 2012 3:17:27 AM Ignore yardslave Report Abuse That cost will vary with how you use it, and for how long you use it.