In 1970, Janis Joplin sang “Oh Lord, won’t you buy me a Mercedes-Benz?” When she did, it’s unlikely that she had thought through the full implications of her request, and it was a good bet that she had failed to take into account the total cost of owning such a vehicle. What about gas mileage? What about the cost of repairs or insurance, not to mention depreciation and taxes?
Anyone considering the purchase of a new automobile has to think about more than just the sticker price, and ask how much the car is going to cost them to own. Edmunds.com, an automotive information website, offers a tool to help consumers understand what they’re getting into as they weigh this process. It’s called "True Cost to Own®" (TCO®), and it’s a resource that calculates how much one should expect to pay over a five-year period for all of the hidden costs incurred after driving a new car off the lot.
By calculating depreciation, interest on financing, taxes and fees, insurance, gas, upkeep and repairs, TCO® determines the total cost of owning a new car for five years. It helps consumers understand not just whether they can afford to buy that car, but whether they can afford five years’ worth of keeping it. In the words of one Edmunds.com analyst, “TCO® lets consumers see the depth of the water before jumping in the deep end."
Using data from Edmunds.com, CNBC.com collected the makes, models and styles of the 2011 automobiles with the highest TCO® figures. Which are the most expensive cars to own? Click ahead and find out.
By Daniel Bukszpan
Posted 8 July 2011