You’ve bargained hard and think the car you’re buying is a steal. But before you drive it off the lot, consider this: the sticker price isn’t the only cost you need to consider. Gas and maintenance can turn your bargain into a cash drain.
As prices continue to rise at gas pumps, the difference between a car that gets 20 miles per gallon and one that gets 40 miles per gallon can add up to hundreds of dollars every year.
Unexpected repairs can also suck hundreds or thousands of dollars out of your bank account. The batteries, spark plugs, air filter, brakes, headlights, exhaust system, muffler, tires and other parts of some makes and models require more attention -- and cash -- than others. These extra expenses start hitting you in the wallet within two or three years, or after about 40,000 miles on the road.
You can find lots of information online about how much you can expect to spend annually on maintenance and repairs, as well as fuel, insurance, and other expenses, For example, Edmunds has a True Cost to Own section that calculates the projected five-year costs for just about every type of car driven in America. A 2004 Toyota Echo standard two-door coupe, for instance, will only cost you $4,443 in maintenance and repairs over its first five years in Springfield, Illinois -- less than the $5,025 you’ll spend keeping up a 2004 Chevrolet Corvette two-door coupe and considerably less than the $6,334 you’ll need for a 2004 Ford Taurus four-door sedan. The site also has an annual listing of the lowest cost to own vehicles that categorizes by price and type -- sedans, convertibles, SUVs, trucks, vans, coupes and wagons.
Once you’ve looked at the running costs of cars in which you’re interested online, test your findings by contacting dealers.
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