Posts Tagged ‘Vehicle Ownership’

Long Terms Expenses of Vehicle Ownership

Vehicle OwnershipThere is an array of factors to consider when shopping for a brand new car. Some drivers look beyond the suggested manufacturer’s retail price or even a sale price tag of a vehicle. It is important to realize some of the long term expenses associated with owning particular car models. For example, drivers will have to spent a significant amount of money each month on refilling the fuel tanks of gasoline powered cars. Needless to say, the fuel economy rating plays a major role in the decision to buy or lease a new vehicle.

In the United States of America, the EPA provides accurate estimates of fuel economy in all cars that are sold on the market. Additionally, some labels might have approximations of the total fuel expenses per year. To attract more buyers, the top auto makers are engineering fuel efficient compact cars, sedans and crossover SUVs that can get excellent fuel economy in the city and on the highway. Some of the best hybrid cars usually have a fuel efficiency of up to 50 miles per gallon when driving on highways. In hybrid cars, the fuel economy in the city is very close to the highway ratings. Electric vehicles may get well over 100 miles per gallon of gasoline equivalent. However, these types of cars need to be recharged daily and charging stations are not widespread throughout the United States.

The expenses for routine maintenance and repairs may also add up quickly throughout the years. Oil changes, tire rotations, new tire installations, brake work and other common services may cost car owners thousands of dollars in the long run. Drivers may use a car model comparison app in order to get a better understanding of the cost of ownership of different vehicles. Mobile apps might also help car owners get an insight into the depreciation rates of popular cars. Therefore, the resale value is another major factor that is considered when a new vehicle is being purchased. Some cars rapidly drop in value because of safety recalls and the release of much better editions by other auto makers.