If anyone is holding class resentment for people who spend upward of $100,000 on a car, there is some comfort in knowing their posh luxury boxes cost them a lot of money. Not only to buy, but also to keep on the road, as the most expensive cars are also the costliest to own.
Janis would eat those words
One of Janis Joplin’s most famous songs was “Mercedes-Benz,” where she pleads to receive one from the heavens so she can hang out with her friends that drive a Porsche. Had she seen how much it costs to keep a Mercedes running these days, she might have changed her mind.
According to the Huffington Post, 24/7 Wall Street has released a list of the 10 most expensive cars to own. Mercedes makes four of them, all of which consume a lot of fuel, cost a lot to insure and worse, require much more repairs than counterparts. The worst offender is the SLS AMG, the gull-winged grand-tour supercar; the combined costs of depreciation, fuel, repairs and insurance add up to an estimated $240,000. The car costs $210,000 to start with.
More to buy means more to keep running
The list uses Edmunds.com’s True Cost To Own estimator, which estimates the cost of five years of fuel, insurance and likely repairs and maintenance along with the depreciation. The worst car for maintenance costs is the Nissan GT-R, estimated to require $10,043 in repairs. The Audi R8, Audi’s supercar, came in second in the repair category, with an estimated $7,370 in repair costs over five years. The Mercedes-Benz CL550 tied the Range Rover SUV at $4,214.
Mercedes has had four cars on Edmunds’ list for the past two years running, according to CNBC and Bankrate. The Audi R8 has also been a mainstay, though it has been the only Audi in the past two editions. The last Audi Edmunds listed alongside the R8 was the Audi A8 L W12 in 2010, according to Bankrate.
Same goes for all cars
New cars, as an investment, are a soak. No matter how low the MSRP, things like depreciation, five years of insurance, gas and repairs, interest payments, sales tax and so forth will always add up to more than any car is worth.
For instance, the 2012 Audi R8, according to the Huffington Post, costs about $170,000 to buy. Five years of ownership will cost an estimated $193,500 on top of that. Though one can buy a decent house for that, it is still approximately 114 percent of the MSRP. By contrast, Consumer Reports estimates the 2012 Honda Fit will cost $26,500 to own for five years. The Honda Fit retails for $15,325 for the base model, putting the cost of ownership is 173 percent of the MSRP.
Consumer Reports: http://news.consumerreports.org/cars/2012/03/2012-annual-auto-issue-most-and-least-expensive-cars-to-own.html