When it comes to owning a vehicle from one of the automakers long-term, there is a clear winner between the two. Consumer Reports sent out a survey to vehicle owners to find out how much it costs to own several brands of vehicles for three, five, and 10 years. Here’s what they learned from Toyota and Honda owners.
When new car repair costs start to get expensive
Most cars come with warranties that will cover a majority of problems during the first three years of ownership. That’s why you don’t see very many repair costs during those years. Some even cover basic maintenance needs like oil changes and tire rotations. Other car brands might charge for those services, but you’re not likely to see exorbitant maintenance bills.
It’s when warranties run out you start seeing some repair costs with your vehicle. During the third year to the fifth year of ownership, more parts starting wearing out or breaking down. Typically, warranties will last three years or a certain number of miles. Sometimes, you might have coverage for longer, but not usually over five years.
The costs of owning a Honda long-term
Hondas are known for their reliability. They can last several years provided you take excellent care of your vehicle and it’s free from any manufacture defects.
Over the first five years of ownership, according to Consumer Reports survey results, you can expect to pay around $203. That’s usually for basic maintenance and some minor repair work.
When you own one for 10 years and beyond, however, repair costs increase as more of the bigger ticket items breakdown, like the car’s engine or transmission. You’ll find that fixing these will cost you significantly more than what you paid during the first five years of ownership. A Honda will typically cost around $370 by the time you reach 10 years of owning the vehicle.
The cost of owning a Toyota long-term
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Looking at the survey results, you’ll find that Toyota isn’t all that much different from Honda in the first five years of ownership. Since each company offers good warranties on their newer cars, this doesn’t come as much of a surprise.
However, when you look at the 10-year period, there’s a significant difference between the two. While Honda costs close to $400, Toyota’s repair bills added up to an average of $291, just shy of $300.
This makes perfect sense, since iSeecars.com listed several Toyotas that people have kept for over 15 years. It goes to show just how much drivers can trust a Toyota, especially best-selling cars like the Corolla.
Cars like the Prius, Tundra, and even the Corolla are some of the least expensive vehicles to maintain over time. The Corolla tops the list, but the Prius comes in at second with only an average of $763 annual maintenance cost.
The Tundra averages about $1,000, which is pretty good for a pickup truck. Honda also has a couple on the same list, the CR-V and the Accord, which fall in the middle of the report.
Hondas may not beat out a Toyota when it comes to the cost of ownership for a 10-year period. It still comes in the top 10 least expensive vehicles to own long-term. Toyota, however, places third on that list with much cheaper repair costs, and has an even better reputation for reliability.