A Luxury Car Brand Somehow Has the Lowest Cost of Ownership Over 10 Years
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Most of us associate the word “luxury” with “expensive.” And when it comes to cars, that’s almost always the case. But one thing we don’t often consider is how the cost of car ownership evolves over time.
As the years tick by, drivers find that less and less of their auto expenses are covered by manufacturer warranties. This means that many car repairs that aren’t covered by insurance have to be paid for out of pocket.
So how is it that one luxury car brand has the lowest cost of ownership over a 10 year period?
Lincoln won an impressive study from Consumer Reports | Twenty20
Lincoln: A 10-year look at car ownership costs
According to Consumer Reports’ in-depth look at long-term car care, Lincoln is the most affordable brand to own over a 10 year period.
While their report didn’t focus on the cost of insuring a luxury car (which is typically more expensive, but gets cheaper as the car ages), Consumer Reports indicated that above all other car manufacturers, Lincoln ranks first in out-of-pocket repair expenses during long-term ownership.
Over a 10 year period, Lincolns are predicted to cost the average owner about $268 in repairs—a shockingly low number. Especially when compared to BMW, which tops the list of most expensive luxury cars to maintain.
A 10-year-old BMW is reported to cost the average owner about $1,000. So what’s with the wild discrepancies in ownership costs between these luxury car brands?
Understanding long-term car ownership
There’s no mistake that deciding to buy a vehicle is nothing short of an investment. Cars are expensive—Consumer Reports indicates that the average car in 2021 costs around $40,000.
The curb value of a car begins to lower significantly after the first year. That’s why it’s important to consider a few things before deciding on what to buy; even if it’s not a Lincoln.
It’s normal to expect your used car to drop significantly in price as the years go by. That’s an unavoidable fact. The best way to avoid your car losing too much value is to perform proper maintenance on a regular basis.
Most older vehicles could need regular oil changes, and tire rotations every 3,000 miles. Apart from that, expect some repairs that won’t be covered by a powertrain warranty.
A powertrain warranty (which is different from a bumper-to-bumper warranty), covers manufacturer defects to your car’s essential parts. This coverage usually lasts about 3 years, with optional extensions typically being available.
Long-term car ownership can be tricky—precisely for the reason that many repairs that occur 5-10 years after buying the vehicle won’t be covered by a powertrain warranty.
Jerry can help you save on car insurance
It’s a great idea to consult customer-centric websites without agendas like Consumer Reports for insider tips about the overall reliability of a vehicle, as well as what the long-term ownership costs will be. And don’t forget—Jerry can guide you every step of the way. From choosing the right car, to finding cheap insurance, we’ve got your back.