If you're in the market for a luxury vehicle, don't just consider a car's sticker price or monthly lease rate. You should also compare the total cost of ownership for various cars over the long-term, such as fuel, insurance and repair bills, says David Wurster, head of product development and industry analysis for Vincentric, which measures ownership costs over time.
All things being equal, for instance, you might choose the Mercedes GLK over the Lexus RX 350, because the former is the lowest-priced midsize luxury crossover. The Mercedes has an average market price of $33,709, while the Lexus sells for an average $35,542. But when you factor in the five-year cost of ownership for both vehicles, the Lexus turns out to be the better bargain. It will cost $52,381 to own over five years, compared with $53,361 for the Mercedes. Or you might consider the Infiniti EX 35, which sells for an average of $33,854, just a bit more than the Mercedes, but has the lowest cost of ownership in the segment at $50,704.
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Of course, buying a car, especially a luxury model, isn't always just about dollars and cents. Cars are fashion statements, and the brand you choose says a lot about you. Nonetheless, even the wealthy like to get a good deal, and that's why it's important to weigh the total cost of ownership. "Vehicles may cost less out the door, but cost you more over the long term," says Wurster.
The Land Rover LR4 is the lowest-priced midsize luxury SUV at $51,008. But its total cost of ownership, at $73,472, is higher than Land Cruiser, which sells for about $10,500 more. The Land Cruiser's five-year ownership cost is $71,507.
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