Before you buy any new or new-to-you vehicle, you likely consider the maintenance costs and just the general cost of ownership. If you’re looking at a luxury, larger-sized, or performance model, with typically a higher price tag, you might presume it will be equally costly to keep those cars running. However, the cost of ownership over five years may actually be pretty cheap. And these three vehicles, with $70,000 MSRPs, are some of the cheapest to own long-term.
How are ownership costs determined?
Buying the vehicle is one thing. But then there is maintenance, routine, and otherwise to consider. Depreciation matters to a vehicle’s value over time, too. And there are additional costs of ownership to consider when you start exploring how much it costs to insure and finance that vehicle. And don’t forget gassing up and tacking on fuel costs over the next five years.
Car Edge put together a study based on metrics evaluating these ownership-related vehicle costs. And based on their findings, a few higher-priced cars and SUVs tend to be the cheapest to own over five years. Add these three contenders to your must-see list if the costs of ownership matter to your purchasing decision.
1. Toyota Sequoia
The Toyota Sequoia is the cheapest vehicle over $70,000 to own over five years. The 2023 Toyota Sequoia ranges in price from $58,300 to $78,300, according to Motor1. Over a five-year stretch, the overall cost of owning one of these big-boy SUVs is $50,682.
This total represents other vehicle expenses, including depreciation which costs $20,121. Fuel expenses will tack on $12,320, financing interest charges average $8,547, and insuring this behemoth will cost about $7,885. Finally, the expected maintenance charges to own the Sequoia for five years are incredibly low at $1,839.
2. Chevrolet Corvette
The runner-up in this cheapest to own collectively over five years is the Chevy Corvette. Depending on how you outfit your 2023 model, you could spend upwards of $81,000 to buy one, according to Kelley Blue Book lists.
The average cost for one of these iconic performance cars is $56,015. And in that total are the depreciation estimates of $18,594, interest rates of $12,097, and insurance premiums totaling $11,845. Putting gas in a Corvette over five years will earn about $11,220. But maintenance to keep your “Vette” running will only add another $2,259.
3. Chevrolet Suburban
If you’re looking for an SUV capable of hauling all your favorite people and things, you’ll definitely want to test drive the Chevy Suburban. Edmunds lists the 2023 model to run anywhere from $53,600 to $78,800. It comes in third on this list of cheapest to own over five years, with a higher than $70,000 price tag.
You can expect to invest another $56,523 to own this SUV, including depreciation of $24,981 and fuel costs of $11,365. Insuring one of these will cost about $9,275. And financing interest calculations settle on $8,294. Maintaining a Chevy Suburban over five years costs about $2,608.
Again, these datasets are based on actual metrics and intended to serve as averages. How you drive your vehicle will play a role in how much it costs to keep it driving. Interest rates are subject to five-year fluctuations, as are gas prices.
However, these analytics generally point to worthy contenders to add to your list of quality vehicles with cheaper cost of ownership data. And while you might spend a little more upfront, like $70,000 or more, you can expect to keep more of your money in the bank over the time you own them.