The purchase price of your new car is just the beginning. The total cost includes tax, fuel, depreciation, maintenance and repair costs, but these aren’t in the shiny brochure handed to you by the dealership. So how do you begin to calculate these overall costs when you are choosing a new car?
CAP Automotive has launched a ‘Total Cost Of Motoring‘ service, which provides drivers with an idea of the overall expense of buying any particular model. Provided the vehicle is under 5 years old, you can input details of the car you’re thinking of buying and how long you’ll keep it, and it shows how much it will lose in depreciation.
CAP predicts future car values based on historic data for 70 variables influencing depreciation, including brand, model, engine size, colour and market conditions. This is the first time that CAP has provided information direct to consumers.
Dacia recently used CAP data to advertise its Sandero Access as “the least depreciating” car on sale in the UK, because the vehicle lost the least value in monetary terms. After three years and 60,000 miles, the 1.2-litre petrol-powered vehicle will have only lost £3,615 (60%) of its retail price of £5,995.
However, a Porsche Cayenne diesel bought today for £47,390 will only have lost 59% of its value, and will be worth £19,275 after three years and 60,000 miles. Generally it’s safe to say that a more expensive car with a good residual value will probably cost you less in the long run than a cheaper car.
So if you’re thinking about a new car but can’t decide which model, visit www.cap.co.uk/consumer/total-cost-of-motoring to compare total costs.