CarcostmeterWhat does a car really cost to own?
The price is only the start. Compare up to three cars over the years you plan to keep them, including what each loses in value, fuel or charging, insurance, maintenance, fees and loan interest. Your numbers stay in this browser.
Financing
Financing
Total cost over 5 years
3-year-old sedan is the cheaper car to own: $7,218 less than New compact SUV over 5 years, or about $120 a month.
| Over 5 years | New compact SUV | 3-year-old sedan |
|---|---|---|
| Price you pay | $32,000 | $21,000 |
| Value when you sell | $13,363 | $10,340 |
| Lost value (depreciation) | $18,637 | $10,660 |
| Fuel or charging | $6,800 | $6,375 |
| Insurance | $9,000 | $7,500 |
| Maintenance and repairs | $2,347 | $5,280 |
| Registration and road tax | $1,250 | $1,000 |
| Loan interest | $0 | $0 |
| Total cost to own | $38,033 | $30,815 |
| Per month | $634 | $514 |
| Per mi driven | $0.63 | $0.51 |
60,000 miles in total. Depreciation follows typical patterns: about 20% in a new car's first year, then 15% a year, slowing as it ages. Enter your own resale value if you know it.
What counts in the true cost of a car
The true cost of owning a car is everything you pay while you have it, minus what you get back when you sell it. For most cars the biggest single cost is not fuel but depreciation: the value the car loses. A new car typically loses around a fifth of its value in the first year and about 15% a year after that, which is why a car that is a few years old is often cheaper to own even when it needs more repairs.
How the calculator works
- Lost value is the price you pay minus the expected resale value at the end of the period.
- Fuel is your yearly distance divided by the fuel economy, times the fuel price. For an electric car it is the energy use per 100 km or miles times the electricity price.
- Maintenance starts at the amount you enter and grows about 8% a year as the car ages (5% for electric cars, which have fewer moving parts).
- Loan interest is the interest you pay during the years you keep the car, from the rate, down payment and loan length you enter.
Tips for a fair comparison
- Use the price after negotiation, including sales tax and fees, not the sticker price.
- Get real insurance quotes for each car: sporty and luxury models often cost far more to insure.
- Compare the cars over the same number of years and the same distance. The longer you keep a car, the less its first-year drop in value matters.