Cost of Ownership
What will it cost to own a car?
Careful consideration of the full cost of owning a car before you buy isn't just the smart thing to do – it's the only way to be sure you can actually afford the vehicle you've got your eye on. After all, buying a fancy car feels great, but it's not so much fun when you get to the pump and can only afford to put in $20 of petrol at a time because you’ve overstretched your budget.
Total cost of ownership: choosing your next car with confidence
When deciding which car to buy, it's important to think beyond the purchase price and look at what it will cost you over time. That good feeling about the 'great deal' you got quickly disappears if the cost of running your new vehicle skyrockets. Price is important, but it shouldn’t override other considerations like the car's safety characteristics, fuel efficiency, reliability and build quality. These things all help determine the ongoing cost of owning your new car, and whether you really got a 'great deal'. In a nutshell, short-term gain on price can sometimes mean long-term pain on everything else.
12 things to consider about the cost of owning a car
1. Initial Price
This is pretty straightforward. What you pay for your car matters and feeds directly into other cost factors.
2. On Road Costs
It's easy to forget while you're having fun buying a car, but we all need to register and licence our vehicles, make sure they have a current WOF and have paid our Road User Charges if it's a diesel.
3. Finance
If you need to borrow money to buy your new car, be aware of the total cost of financing your vehicle. Consider your options carefully and be aware of the true finance costs. Remember to get the appropriate advice for your financial situation.
4. Vehicle insurance
Premiums can vary for similar cars. Check how much insuring the particular model you're interested in costs. Some vehicles are at greater risk of being stolen and cost more to insure.
5. Depreciation
Sometimes forgotten, depreciation is a key cost of owning your car. A car that ‘holds its resale value' will cost you less over time because you'll be able to sell it for more when it's time for a new vehicle.
6. Quality
Quality cars like Toyotas hold their value because people know they're well constructed, and reliable.
7. Reliability
Unreliable cars spend more time off the road. This cost is felt not only in the back pocket but also in the disruption of not having a usable vehicle.
8. Servicing costs
Some cars cost more to service than others. Bear in mind the engine design, availability and cost of parts.
9. Servicing locations
Being able to easily talk to an expert on your vehicle can come in handy. Remember to consider what sort of approved dealer network is available for the make of car you're interested in.
New Car Ownership
Toyota Driveaway Value
When purchasing a new car you get Toyota Driveaway Value. This is a package designed to give you the best value for up to the first five years of vehicle ownership. This includes many benefits such as roadside assistance and knowing how much each service will cost with capped price servicing.
Used Car Ownership
Cost of a used car
The cost of a used car can vary so make sure you consider all the costs involved before making your purchase. We have a wide range of used cars across our Toyota Stores and if you're a first-time buyer we have a handy guide to help you get started.
