Calculating the true cost of ownership

Calculating the true cost of ownership

The cost of owning a vehicle will always be more than the sale price itself, so when you are budgeting for your next ride be sure that you know what it will cost to keep it on the road. Here are a few of the most important factors to keep in mind.

Fuel
One of the biggest expenses related to vehicle ownership is the cost of fuel; therefore, you can save yourself a pretty penny simply by investing in a fuel-efficient vehicle. Keep in mind that most vehicles will offer very different miles per gallon in the city than on the highway, making it crucial that you choose a vehicle to suit the way you will drive it.

Insurance
Vehicles that are large, fast or those seen as a target for theft will often cost a little extra to insure, which can add a sizeable amount to the cost of vehicle ownership over the course of the year. Before making your next vehicle purchase talk to your insurance provider and find out what you can expect your insurance rates to be.

Rebates
Some vehicles come with tax rebates that will seriously reduce the cost of the purchase. This is most often the case with vehicles that are environmentally friendly; for example, you can get hundreds or even thousands of dollars in rebates when investing in a hybrid.

Repairs
Some vehicles require almost constant repairs while others can get by with little more than a regular tune up – the difference to the cost of ownership can be as much as thousands of dollars each year. To avoid getting stuck with a vehicle that requires constant repairs research your options thoroughly and prioritizes those that are known for their durability.

Depreciation
Every vehicle will depreciate in value from the moment it is driven off the lot, particularly those that are new; however, some vehicles will drop in value a whole lot faster than others. The rate of depreciation is especially important for those who plan on selling their vehicle one day, so make sure you know what you are getting yourself into.

If you are looking for a quality vehicle to suit your wants, needs, and budget you have come to the right place, because here at Noral Toyota we have some of Alberta’s best new and used vehicles. Simply give us a call, visit us online or drop by and see us in person here at 10129 MacDonald Ave Fort McMurray.