Long-Term Thinking: “Cost to Own” mindset grabs hold
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 how much it 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 will 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 is recommending 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 and less valuable to understand 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]
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