Most people don’t realize that a less-expensive vehicle can end up costing you more over time than a more-expensive vehicle.

For example, a Mitsubishi Lancer costs approximately $17,500.  This is $5,000 less than the sticker price of a Mini Cooper Clubman.  However, when you factor in ownership costs of each vehicle, the Mitsubishi Lancer will cost approximately $3,000 more for five years.  Also, a Toyota Highlander is $3,000 more to buy than a Ford Explorer V6, yet the Ford would cost you $6,500 more over five years.

People should consider the sticker price when purchasing a vehicle, but that’s not all.  Consumers also need to take into account how much a car will cost them with ownership.  For example, people should factor in depreciation, auto loans, an auto warranty, insurance, fuel costs, sales tax, repair costs, and maintenance.