Car ownership is a costly affair, and it goes beyond just the initial purchase price. If you own a high-end luxury vehicle, be prepared to shell out even more for maintenance costs over time. A recent survey conducted in 2021 revealed some eye-opening numbers when it comes to the real cost of owning a car over a five and ten-year period.
The survey looked at 26 different car brands and compared the average annual maintenance costs for five-year-old and ten-year-old vehicles. The results were staggering, with a significant difference in costs between the two age groups. This underscores the fact that as a car ages, it requires more maintenance and repairs, leading to higher out-of-pocket expenses for the owner.
Let’s take a closer look at some of the findings from the survey:
– BMW: The average annual maintenance cost for a five-year-old BMW is $200, while for a ten-year-old BMW, it jumps to over $900. If you’re considering buying a BMW, be prepared to pay for the maintenance costs.
– Audi: A five-year-old Audi will set you back around $244 per year in maintenance costs, but that number spikes to $840 for a ten-year-old Audi. Luxury comes at a price, indeed.
– Mercedes-Benz: The annual maintenance cost for a five-year-old Mercedes-Benz is $490, which increases to $817 for a ten-year-old model. Owning a Mercedes-Benz is not for the faint of heart or wallet.
– Volvo: While Volvo’s maintenance costs are not as high as some luxury brands, they still increase significantly as the vehicle ages. A five-year-old Volvo costs around $373 per year to maintain, whereas a ten-year-old Volvo will set you back $616 annually.
– Subaru: Subaru emerges as a more budget-friendly option when it comes to maintenance costs. A five-year-old Subaru costs $223 per year to maintain, and that number only increases to $400 for a ten-year-old model.
– Cadillac: Surprisingly, Cadillac tops the list as the least expensive brand to maintain. A five-year-old Cadillac costs just $106 per year in maintenance, while a ten-year-old Cadillac will set you back $225 annually.
These numbers serve as a wake-up call for anyone considering buying a used luxury vehicle. While the allure of owning a high-end car may be strong, the long-term costs of maintenance can quickly add up. If you’re looking to be more economical in the long run, consider opting for brands like Cadillac, Buick, Toyota, Chrysler, Mazda, or Lincoln, which have lower maintenance costs over time.
In conclusion, car ownership is not just about the initial purchase price. It’s essential to factor in the long-term maintenance costs when buying a vehicle, especially if you’re considering a high-end luxury brand. Do your research, test drive different vehicles, and make an informed decision based on your budget and needs. And remember, the true cost of car ownership goes beyond the sticker price.
