When in the market for a new vehicle, sometimes we focus too much on the sticker price and the monthly payment. This is a purchase that should be thought out more thoroughly and the long-term financial aspects of purchasing a new car should be considered.
According to Kelley Blue Book, there is a method to determining the total 5-year cost of ownership on a vehicle. The costs to consider include:
- The out-of-pocket costs
- Fuel
- Insurance
- Financing
- State Fees
- Maintenance
- Repairs
- The cost of depreciation (the difference between what you paid and what it’s worth after 5 years)
When you add all of these costs, you will get an approximate 5-year cost of ownership. One example that they provide is the 2011 Toyota Yaris. The total cost of the Yaris is as follows:
- Out-of-pocket costs
- Fuel: $8921
- Insurance: $4205
- Financing: $1161
- State Fees: $1198
- Maintenance: $1887
- Repairs: $1704
- Total: $19,076
- Depreciation: $8517
- Total 5-year cost: $27,593
The Toyota Yaris is rated among one of the best in this category when compared to similar car types so as you can imagine, these figures can vary drastically from one model to the next. Kelley Blue Book offers tools to estimate these financial costs for vehicles of your choice as well. When this method is used, you can make an educated choice on the right car for you and you can sleep better at night knowing that your decision will have a positive impact on your financial future. One thing we know for sure is that Toyota cars St. Louis will offer some of the most competitive results in the industry when comparing 5-year cost of ownership on any car, truck, minivan, or SUV.
2013 RAV4 EV Debuts
The RAV4 EV is a cross-over SUV that has been developed with Tesla Motors. Tesla Motors work to provide the cross-over with a “streamlined, quick-action approach.” Toyota engineers worked closely with Tesla Motors to guarantee the powertrain and related components were designed to their specifications and they worked together to integrate all the components of this outstanding new vehicle. The RAV4 EV will travel approximately 100 miles on a fully charged battery and it is loaded with all of the technological features that Toyota drivers have come to love. The price of this new vehicle starts at $50,610. Sounds like a lot to take in when considering the high sticker price, but all things considered, the RAV4 EV should save drivers thousands over the long-run. Right of the bat there is a federal tax incentive of $7500 and the state of California is offering an incentive of $2500. That may not help us out much here in the Midwest, but once the cross-over makes its way here we can likely expect similar incentives and tax breaks. When you consider the amount of money you will save on fuel, the over-all price becomes much more affordable.
Contact your local Toyota cars St. Louis dealer to find out when the RAV4 EV will be available for purchase.