Automobile manufacturers are taking innovative marketing approaches in order to highlight the major reasons for buying specific models. The cost of ownership is a point that is often overshadowed by interior, exterior and mechanical features. However, savvy consumers are interested in the annual expenses that are associated with simply driving a particular model. For example, regular service and maintenance costs are factored into the long-term expenses of owning a particular vehicle. Some durable cars simply do not need frequent repairs or other services. Traction control and other handling features such as four-wheel drive might improve the durability of tires. This translates into a less frequent need to replace tires and perform services including tire rotations and wheel alignment.
Gas mileage is perhaps the biggest factor in cost of ownership. The average driver spends thousands of dollars per year just on fuel refills. Auto makers often try to emphasize excellent fuel economy in select models. These days, full-size sedans easily get more than 30 miles per gallon on the highway. Compact models tend to receive fuel economy ratings of about 40 mpg on highways. Some traditional gasoline engines are also engineered to be compatible with Ethanol fuel. Such a design surely leads to major, long-term savings on refueling at the gas station. Using analysis like Toyota model cost of ownership and other comparison tools is an example of smart shopping for brand new vehicles.
Auto insurance rates are also factored into the long-term cost of ownership. Some models are simply more expensive to insure than others. For example, luxurious sedans come with much higher premiums compared to crossover SUVs and compact cars. Even the color of the vehicle and the number of doors can play a major role in the auto insurance bills. Additionally, financing is another factor in determining the cost of owning a car. The interest rates on a car loan can add up quickly. Premium car models often come with high APRs due to the initial hefty price tag. A small MSRP suggests that burrowers will pay a relatively small amount on interest rates.