When people buy a new car, most tend to focus on the monthly bill. This means we target payment, insurance and perhaps the likely fuel bill in today’s market. However, this leaves out an important factor.
The other expense we should consider: maintenance. It is generally quite low during a car’s warranty period; just oil changes and maybe a set of tires. Anything more expensive than that will be covered under warranty, and sometimes the dealer will handle oil changes as well.
But over time, larger scheduled maintenance expenses as well as unexpected repairs and parts can add up to a significant portion of your car’s total cost of ownership (TCO). For example, scheduled maintenance at around 50,000 miles on the typical late-model Mercedes-Benz sedan at TheDetroitBureau.com is over $1,000. It’s not even a great service like changing the timing belt.
Ask the experts
When you start thinking about maintenance costs, the experts at Consumer Reports have a great set of resources. The magazine tracks these things throughout the life of a vehicle and the editors can tell you what to expect along the way. Not surprisingly, their research has provided solid data for estimating repair and maintenance costs for all popular cars on the market, and the fact that repair and maintenance costs can vary greatly depending on what you buy.
We’ll jump to the punch line. CR reports that for cars 6 to 10 years old, Toyota offers the lowest maintenance and repair costs. The most expensive choices were Mercedes-Benz, Audi, BMW and Porsche.
What are the best options to save money?
So let’s answer the next obvious question. What should you buy today if you want to minimize maintenance and repair costs in the future? According to Consumer Reportshere are the winners:
The Nissan Leaf 2023 was first on the list. The purchase price ranges from $28,040 to $36,040, but maintenance costs are just $1,190 for the first 10 years. This makes sense because as an electric vehicle, oil changes and other issues related to a gas engine are simply not relevant.
But if you’re not ready to go electric, CR also recommends the venerable Toyota Camry. The 2023 Camry can be had for as little as $26,320 and goes up to $36,745. Average costs to maintain the Camry are around $2,510. If you want a more luxurious version of the same basic car, the Lexus IS The hybrid costs $41,020 to buy, then $3,015 to keep for 10 years.
The Toyota RAV4 also makes the good list, with purchase prices from $27,975 to $39,030. Maintenance will set you back around $2,970, so if SUVs are your thing, this is a solid choice for low long-term costs. Compare that to the larger Ford Edge, which also made the list with a purchase price range of $37,945 to $46,485. Maintenance and repair costs on the Edge should be around $3,190. The average size Lexus RX it’s a bit more, ranging from $47,400 to $61,600 in purchase price and costs about $4,065 to keep going strong.
The latest vehicle on CR’s list of best value for repair and maintenance may surprise you. Is the Buick Enclave Three-row mid-size SUV. The Enclave beats the Lexus RX in purchase price with a range of $44,800 to $59,470, and comes close in maintenance costs with an estimate of $4,365.
If you plan to shop around for your new car to really find the best value for your dollar, invest in one membership in Consumer Reports it will give you access to all this data and more. Check it out and see what you think.
