Projecting Expenses For Car Ownership

Car owners need to fully understand the concept of cost of ownership. Fuel accounts for one major fixed expense of driving a vehicle. However, there are plenty of other factors that dictate the long-term costs of owning a car. Auto insurance rates are directly based on several important features of a car such as safety. Vehicles that have advanced mechanical and digital technology for preventing accidents can qualify for significant annual discounts on insurance premiums. Rearview cameras and collision warning systems make up high-tech, accident avoidance technology. Traditional mechanical features such as traction control and anti-lock brakes greatly improve safety and cut down costs on insurance rates.

Brakes and tires could influence long term expenses of owning a car. The most advanced brakes have durable pads, calipers and rotors that could last for several years. Ventilated disc brakes are considered superior to traditional drum brakes. The average cost for replacing a pair of brakes is several hundred dollars. In a five year period, a full size sedan most likely needs to have its front and rear brakes replaced at least once. Online tools such as car model comparisons and other apps are examples of resources for vehicle owners.

Some cars are designed to be compatible only with tires that tend to wear out quickly. For example, compact cars are fitted with tires that get worn out within two years. By contrast, crossover SUVs have durable all season tires that might last for several years. Extra thick tread in such vehicles also prevents punctures from fasteners and other debris. By contrast, compact cars or small sedans might have tires that could easily get punctured because of thin interior walls.

Oil changes also account for major fixed expenses in vehicles. Sports cars and crossover SUVs might require the use of high quality motor oil and filters that could total above $100. By contrast, standard oil change for a compact car could cost about $50. When analyzing car cost of ownership, it’s important to remember that several oil changes per year are recommended for any vehicle.