The Importance of Understanding Ownership Costs
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Understanding ownership costs gives the consumer a big picture look at what a vehicle actually costs beyond it’s original purchase price. Taking all of a vehicle’s ownership costs into consideration can potentially save consumers substantially over time. Thew ownership costs that consumers should evaluate include:
• Depreciation
• Insurance
• Taxes and Licensing
• Financing
• Fuel Economy
• Maintenance
• Repairs
One example of how a consumer can use this technique to make a good choice would be purchasing a vehicle with a higher sticker price base upon it’s one year depreciation estimates. Although another vehicle may be cheaper to begin with, many vehicles loose so much value once you leave the showroom that going with the higher priced vehicle is smarter in the long run. An example of how consumers can make a mistake when considering ownership costs is making the assumption that purchasing a vehicle with better fuel economy is always a great way to save in the long run. This is not necessarily always the case and needs to be looked at more closely. In this case, consumers need to be sure and evaluate all areas of performance for the vehicle they are purchasing. This due to the fact that even though a car gets great gas mileage it may perform terribly in other categories such as maintenance or insurance. The overall ownership costs for that vehicle will actually turn out to be higher, even with great fuel economy ratings.
Understanding ownership costs gives the consumer a big picture look at what a vehicle actually costs beyond it’s original purchase price. Taking all of a vehicle’s ownership costs into consideration can potentially save consumers substantially over time. Thew ownership costs that consumers should evaluate include:• Depreciation
• Insurance
• Taxes and Licensing
• Financing
• Fuel Economy
• Maintenance
• Repairs
One example of how a consumer can use this technique to make a good choice would be purchasing a vehicle with a higher sticker price base upon it’s one year depreciation estimates. Although another vehicle may be cheaper to begin with, many vehicles loose so much value once you leave the showroom that going with the higher priced vehicle is smarter in the long run. An example of how consumers can make a mistake when considering ownership costs is making the assumption that purchasing a vehicle with better fuel economy is always a great way to save in the long run. This is not necessarily always the case and needs to be looked at more closely. In this case, consumers need to be sure and evaluate all areas of performance for the vehicle they are purchasing. This due to the fact that even though a car gets great gas mileage it may perform terribly in other categories such as maintenance or insurance. The overall ownership costs for that vehicle will actually turn out to be higher, even with great fuel economy ratings.
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