These SUVs Will Secretly Kill Your Budget
When you buy a SUV, you’re probably hoping that you get a great deal. And maybe you will. Yet if you’re not prepared for how much your new SUV will cost you in the long run, you may be unpleasantly surprised when you find out how much you’ve spent on your SUV. These are the SUVs that will depreciate the most and cost you the most money over five years.
The BMW X3 is one of the most expensive SUVs long-term
The BMW X3 is a sporty SUV that will cost you $55,657 over five years, according to CAREdge. This figure includes a depreciation of $26,035, $10,470 in fuel, and $8,765 in insurance. Add to that $5,818 in interest (unless you buy the whole thing up front), and $4,569 in maintenance, and you’re looking at a hefty price to buy a BMW X3.
The Land Rover Discovery Sport is one of the SUVs that will depreciate a lot
The Land Rover Discovery Sport is a luxury SUV that you’re probably expecting to pay top dollar for. Yet even after paying the $47,678 the Land Rover Discovery Sport costs new, you’ll pay $55,355 to own it for five years. A huge part of this is due to its depreciation, which is nearly half at five years. The Land Rover Discovery Sport will depreciate $26,871 in five years.
The Infiniti QX60 is one of the SUVs that depreciates the most
The 2021 Infiniti QX60 is one of the SUVs that will depreciate the most. The Infiniti QX60 is a slightly better deal than the BMW X3 and the Land Rover Discovery Sport. The Infiniti QX60 will cost you $52,093 to own over five years. This includes $25,550 depreciation and $5,630 in interest.
The Jeep Grand Cherokee is one of the SUVs that loses the most money
Want a rugged Jeep Grand Cherokee? It will cost you $52,082 over the course of five years. You’ll pay about $47,753 for a new Grand Cherokee, and it will depreciate $24,192 over the next five years. You’ll also pay $11,925 in fuel over that time. This makes it one of the SUVs that will depreciate the most.
The Audi Q5 is a luxury Sport Utility Vehicle that depreciates a ton
The Audi Q5 is a slightly better luxury SUV deal, costing you just $50,761 over five years. You’ll pay $9,020 in fuel, which is better than the Jeep Grand Cherokee, and the Q5 will depreciate $24,495 in five years.
The Buick Enclave is a luxury SUV that you’ll lose money on
The Buick Enclave is another luxury SUV that will cost you a pretty penny. The Buick Enclave will cost you $50,524 over the course of five years. Fuel costs aren’t too bad, at $8,690. You’ll pay about $2,357 for maintenance and lose $26,084 in depreciation.
The Lincoln Corsair will depreciate more than most SUVs
The Lincoln Corsair is a large luxury SUV that will cost you $46,837 over five years. During that time your Corsair will depreciate $22,665 and cost $7,335 in fuel. Insurance will cost $8,560 during that time.
All of these SUVs may cost you way more over the course of five years than you’re planning. Even if you get a good deal on these SUVs when you purchase them, their fuel costs and depreciation may totally kill your budget. Take all of these costs into account when deciding which SUV to buy.