True Cost To Own

When you are purchasing a new car sometimes you can get too caught up in the sticker price and fail to consider how much your new or used car is really going to cost you over the long haul.  It is important to consider all of the fees associated with car ownership so that you will truly find yourself happy with the future of your new car ownership.  The last thing you want to have happen is to get in your new car and then realize in a year down the road that you couldn’t realistically afford it and have to trade it in for something cheaper.

Kelley Blue Book provides a clear explanation of the total 5-year cost of ownership and we have summarized it.  The out of pocket costs that you should consider when making your new or used car purchase include; fuel, insurance, financing, state fees, maintenance, and repairs.  You have to also factor in depreciation in your vehicle.  Depreciation is basically the difference between what you paid for the car and what it is worth after the 5 year loan period (the total cost estimates would need to be adjusted if you are doing a different loan period).  Next, you need to add those costs to the price you paid for the car and you have arrived at your total cost of ownership.

You will find when you take the time to complete this basic math that sometimes a sticker price can be deceiving.  It may be a less expensive car at first but end up costing you more than the higher priced one would have been.  Your local new and used Toyota cars St. Louis finance expert can help you determine the cost of ownership in a car that would be right for you.  Ask about The Weiss Promise.