If you’re like me, every time your “check engine” light pops on, or some component starts emitting an odd noise (or smell), a tiny counter in your brain rolls forward like an odometer. Is this the Big One? Should you take your beloved beater off life support and shell out for a new ride instead?
Just how much is too much to spend on repairs? The answer might surprise you. Let’s start by looking at how much you should expect to pay for repairs over the lifetime of your car and then compare that to the cost of buying a new one.
Sticker prices and financing aside, figuring out which car is really the cheapest to own can be a complicated affair. You have to consider the costs of sales tax, depreciation, fuel, interest on the loan, insurance, maintenance and repair. In this article, I’ll give you the rundown on the best deals over the long haul, broken down my MSRP, total cost of ownership (TCO) and vehicle category.