Many people come into Toyota of Orlando looking for a new Toyota and focusing solely on one or two things - usually price and monthly payments. It's always wise to have a budget in mind when you're looking for a car, but the sticker price and monthly payment aren't a TRUE reflection of what it'll cost you to park it in your driveway. That's where true cost to own comes in!
What is true cost to own?
What is true cost to own? It's actually a combination of a lot of different elements, and our Orlando Toyota dealership is here to break it down so you better understand exactly how much it will cost to own your new Toyota when you sign the dotted line!
Here are the basics of true cost to own - there are eight main factors that are calculated for a five-year period!
- Interest on your financing: What's your finance rate and how much interest will you pay on your new Toyota in Orlando until it's paid off?
- Taxes and fees: How much tax will you be paying on your Orlando Toyota, and what fees are included in the purchase?
- Tax credits: Are you getting any tax credits on your new car? Some states, for example, offer credits for hybrid or electric cars.
- Insurance premiums: How much will it cost to insure your new Toyota in Orlando for the next five years? Some cars are more expensive to insure than others!
- Fuel costs: How much will it cost to gas up your new Toyota in Orlando over a five-year period? Fuel efficiency varies widely from vehicle to vehicle!
- Depreciation: This is a big part of true cost to own. How much will the car depreciate (or lose value) over the five years that you own it? This will affect how much you sell it for down the road!
- Routine maintenance: How much will it cost to perform routine maintenance (like oil changes, tire rotations, etc.) on your new Toyota over five years so you keep it in top-notch condition?
- Repairs: What's the estimated cost of fixing the common mechanical problems that this car usually faces? This gets factored into true cost to own as well.
Figure out the true cost to own of your Orlando Toyota before buying!
All of these elements are factored into true cost to own to paint you a more accurate picture of how much it will cost you to call your Orlando Toyota yours! You should definitely take this into account before you sign the dotted line. After all, if you get a great deal on a new Toyota truck but the fuel costs and insurance premium are too high for your budget, you could be facing problems down the road!
Luckily, we can break each and every one of these elements down for you when you want to figure the true cost to own for your next possible purchase. Why not come see us today? We can match you to the right ride in more ways than one, so stop by Toyota of Orlando at 3575 Vineland Road. We're open every day until 10pm!