Here is the link: http://www.edmunds.com/tco.html
No matter what car I put in calculator, it comes near $30,000 or over. This can't be right!
No matter what car I put in calculator, it comes near $30,000 or over. This can't be right!
Is Edmunds True Cost to Own for real?
- Thread starter friendly_jacek
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Are you underestimating cost for insurance, registration, taxes, fuel, regular maintenance , interest payments, etc, etc? If you add it all up it makes sense.
I don't dispute the fuel cost. The fuel cost is usually only $8,000 or less (if hybrid/electric).
I put my own car in the calculation (2010 Prius II). While the depreciation and tax numbers is close to the reality, the other numbers are not. For example, owner of 2010 Prius is supposed to spend $3,570 on maintenance and repairs in the first 3 years. I spent under $100. My insurance and financing (0%) were also much lower, but that thing can vary I guess.
I put my own car in the calculation (2010 Prius II). While the depreciation and tax numbers is close to the reality, the other numbers are not. For example, owner of 2010 Prius is supposed to spend $3,570 on maintenance and repairs in the first 3 years. I spent under $100. My insurance and financing (0%) were also much lower, but that thing can vary I guess.
yea the insurance cost seems way off also
not sure how many people average 15000miles a year at 55% city milage.
and the repairs are based on a extended warranty
so I'd say somewhat inaccurate they take an average for "average joe"
which means its not accurate for anyone really.
not sure how many people average 15000miles a year at 55% city milage.
and the repairs are based on a extended warranty
so I'd say somewhat inaccurate they take an average for "average joe"
which means its not accurate for anyone really.
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for example 2013 forester
http://www.edmunds.com/subaru/forester/2013/tco.html?style=200426211
The fuel cost is way off or they are assuming 4$ gas in ohio,
its no where near 45000$ cost to own.
Here is a few numbers accurate for me.
insurance them=8000$/5 year
actual for me = 3000$/5 year
Maintenance them =6700
me = 2500$ incl full syn oil changes, factory filter changes, all scheduled maintenance, tires, and snow tires, set of brakes.
Cost -they are saying 25000 1 year old.
actual 23000$ when NEW
also 800$ in repairs.. not sure what that would count as but I threw in a set of brakes under maintenance
total cost to own is off by over 10000$ on a 45000 cost to own.
for example 2013 forester
http://www.edmunds.com/subaru/forester/2013/tco.html?style=200426211
The fuel cost is way off or they are assuming 4$ gas in ohio,
its no where near 45000$ cost to own.
Here is a few numbers accurate for me.
insurance them=8000$/5 year
actual for me = 3000$/5 year
Maintenance them =6700
me = 2500$ incl full syn oil changes, factory filter changes, all scheduled maintenance, tires, and snow tires, set of brakes.
Cost -they are saying 25000 1 year old.
actual 23000$ when NEW
also 800$ in repairs.. not sure what that would count as but I threw in a set of brakes under maintenance
total cost to own is off by over 10000$ on a 45000 cost to own.
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Originally Posted By: friendly_jacek
I don't dispute the fuel cost. The fuel cost is usually only $8,000 or less (if hybrid/electric).
I put my own car in the calculation (2010 Prius II). While the depreciation and tax numbers is close to the reality, the other numbers are not. For example, owner of 2010 Prius is supposed to spend $3,570 on maintenance and repairs in the first 3 years. I spent under $100. My insurance and financing (0%) were also much lower, but that thing can vary I guess.
So you did every single maintenance item recommended in the owner's manual for $100? I'm sure that's where they get the cost from.
If you're comparing cars then the inflated values wouldn't matter too much because the other cars are getting the same inflation so they're on a level playing field in that regard.
I don't dispute the fuel cost. The fuel cost is usually only $8,000 or less (if hybrid/electric).
I put my own car in the calculation (2010 Prius II). While the depreciation and tax numbers is close to the reality, the other numbers are not. For example, owner of 2010 Prius is supposed to spend $3,570 on maintenance and repairs in the first 3 years. I spent under $100. My insurance and financing (0%) were also much lower, but that thing can vary I guess.
So you did every single maintenance item recommended in the owner's manual for $100? I'm sure that's where they get the cost from.
If you're comparing cars then the inflated values wouldn't matter too much because the other cars are getting the same inflation so they're on a level playing field in that regard.
My bad. The car had first 2 years maintenance free of charge. Besides, Prius is low maintenance (10000 miles OCI).
Even if I paid for every maintenance item at dealership, the total would be no more than $600.
Even if I paid for every maintenance item at dealership, the total would be no more than $600.
Edmund's is a neat site, and I've never checked the True Cost to Own feature. But their clean retail prices don't seem to match up with the real world. Around here, anyway, people laugh if you offer what Edmund's says is a fair price for a clean used car.
Ever since I saw my first used car price guide in the 60's I have been skeptical. It's just a guide, eh?
Around here used car prices are crazy high for the decent cars...
Around here used car prices are crazy high for the decent cars...
If you Google "average cost per mile to drive a car" and actually study the tons of data that has been collected and compiled, you will learn that the average cost per mile is around 60 cents.
Make sure that you understand what the term average means.
15K x 5 years x .60 = $45,000 dollars.
Make sure that you understand what the term average means.
15K x 5 years x .60 = $45,000 dollars.
Yes, you can save a "few" bucks by cutting corners. Such as not having collision/theft insurance. Or by not driving as much. Or by purchasing more cheaply (good luck on that one by the way)
However, Edmund's is fairly accurate given the constraints.
I "rant" about "cost per mile" all the time. People will SWEAR up and down that I am wrong. But, I'm here to tell you that driving a car ain't free. People argue with me that they drive more cheaply because they purchased "used" at a bargain. But they fail to take into account all the predictable future costs. Used cars, even lightly used cars don't save much money per mile. When all the other mandatory costs and factors are added in.
My co-worker insists on driving older Camry's that he purchases "cheap" because they are reliable cars. One $2000 transmission, a $1000 brake job, an expensive failed ABS unit, 3 in tank fuel pumps, a radiator, a hose set, 2 alternators, a gaggle of oxygen sensors, multiple cheap tire sets, less than ideal fuel economy, and near zero value when he is done with them add up to about 55cents per mile driven. He will NEVER get it.... None of his cars have made the magic 250,000 mile mark without massive expense. And, guess what? It's dead right now!
He really could drive a reliable brand new car for that kind of cost.
However, Edmund's is fairly accurate given the constraints.
I "rant" about "cost per mile" all the time. People will SWEAR up and down that I am wrong. But, I'm here to tell you that driving a car ain't free. People argue with me that they drive more cheaply because they purchased "used" at a bargain. But they fail to take into account all the predictable future costs. Used cars, even lightly used cars don't save much money per mile. When all the other mandatory costs and factors are added in.
My co-worker insists on driving older Camry's that he purchases "cheap" because they are reliable cars. One $2000 transmission, a $1000 brake job, an expensive failed ABS unit, 3 in tank fuel pumps, a radiator, a hose set, 2 alternators, a gaggle of oxygen sensors, multiple cheap tire sets, less than ideal fuel economy, and near zero value when he is done with them add up to about 55cents per mile driven. He will NEVER get it.... None of his cars have made the magic 250,000 mile mark without massive expense. And, guess what? It's dead right now!
He really could drive a reliable brand new car for that kind of cost.
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