July 21, 2024
Insurance

Top 10 Gas Vehicles with the Highest Ownership and Operating Costs in 5 Years

Having a car these days can be a costly investment. Gas, insurance, depreciation, and repairs can add up quickly, but some vehicles can be much more expensive to operate than others. The team at Marketwatch Guides recently calculated the running costs of various vehicles, revealing that certain luxury models can require a significant amount of money to own for five years.

The Porsche Cayenne was found to have the highest five-year running costs, coming in at $56,010.

The 10 most expensive vehicles to operate:

  1. Porsche Cayenne: $56,010
  2. Porsche Macan: $48,653
  3. BMW X5 xDrive40i: $48,456
  4. Genesis G80: $41,288
  5. Jaguar XF: $41,288
  6. Ford Mustang: $40,707
  7. Volvo XC90: $39,308
  8. Jeep Wrangler: $38,276
  9. BMW 330i: $37,889
  10. Audi Q5: $35,863

Marketwatch’s calculations took into account fuel and financing costs, with the two being the highest operating expenses for the Porsche Cayenne. The SUV’s five-year financing costs were $18,198, while fuel costs totaled $16,756. Insurance, maintenance, and taxes made up the rest of the operating expenses.

On the other end of the spectrum, the Hyundai Venue had the lowest operating costs, totaling $22,761.

Despite being cheaper to operate than gas vehicles, some electric vehicles come with hefty costs. The Porsche Taycan had a five-year cost of $53,065, while the Audi E-Tron GT cost $48,886 to run. The BMW iX was also among the most expensive, with a total cost of $45,076.

Marketwatch did not factor in depreciation in its running cost calculations, but in a separate analysis, it compared the fastest- and slowest-depreciating gas and electric models. The Audi E-Tron GT depreciated much quicker than the Audi A3, with a difference of $7,796 over five years compared to $2,895 for the Audi A3. The Toyota RAV4 LE and RAV4 Prime had the smallest depreciation difference, with the gas model losing $3,761 in value compared to the plug-in hybrid’s $1,252 in depreciation.

The publication noted that most EVs tend to have a higher residual value than ICE vehicles after one year. However, the scenario changes after five years, with electric models depreciating almost as rapidly as gas models. It is important to mention that the study was likely conducted before the recent decline in used EV values.

FAQ

Q: Are there any affordable vehicles to operate?

A: Yes, the Hyundai Venue was found to have the lowest operating costs, making it a more budget-friendly option.

Q: Do electric vehicles depreciate faster than gas vehicles?

A: While most EVs have a better residual value after the first year, they tend to depreciate at a similar rate to gas vehicles after five years.

Conclusion

In conclusion, owning a car can be a pricey affair, with some luxury models costing significantly more to operate over five years. It is essential for consumers to consider not just the upfront cost of a vehicle, but also the long-term operating expenses, including fuel, financing, insurance, and maintenance costs.

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