With tough times like we have seen over the past few years it also teaches us a lesson as well. We remember to be a little more conscious about our purchase decisions and look at the bigger picture of things. When shopping for a car more often we look at what it is going to cost us over time. When we look at those figures we're shocked when we thought something was a good buy but the cost for us to keep it was a different story.
I was doing some research on the smart fortwo today to look at the bigger picture numbers. I wanted to investigate for my customers beyond the ecological pricing we have for a commuter, first time buyer car, or a car that one just desires because the customability. I investigated is it the right decision for a long term purchase and how this amazing little car stands up to our competition. This is what I found.
A couple years ago, when I was at Honda, I often used the exact same tools my customers to help them with their decisions. Edmunds.com has built a fantastic tool to help us make the right choices. They built a tool that analyzes the True Cost to Own a vehicle. Great thing about this tool is you can look at any car, new or used, and it will estimate the cost for you to own it over a 5 year period. They calculate everything from fuel consumption, maintenance, purchase price, financing, miscellaneous things you might encounter beside basic servicing etc. So, I wanted to come up with a comparison of the total cost at the end of 5 years with my competitors I usually get shopped against. Below are my findings:
2010 Mini Cooper: $37,131
Cost per mile: $0.50
2010 Honda Fit: $32,493
Cost per mile: $0.43
2010
Toyota Yaris: $32,283
Cost per mile: 0.43
2010 smart Passion Coupe: $29,577
Cost per mile: $0.39
Edmunds.com TCO Side by Side Comparison
After seeing this I wanted to dig a little deeper. Another tool I use often is fueleconomy.gov. This website was built by the EPA to help consumers get a better sense of the actual fuel economy they will get based on their driving habits. The numbers I am going to report to you is based on 15,000 miles driven per year, 45% highway driving and 55% city driving.
2010 Mini Cooper:
Cost to Drive 25 Miles: $2.97
Fuel to Drive 25 Miles: 0.89 gal
Cost to Fill up: $39.56
Annual Fuel Cost: $1,783
2010 Honda Fit:
Cost to Drive 25 Miles: $2.49
Fuel to Drive 25 Miles: 0.81 gal
Cost to Fill up: $29.48
Annual Fuel Cost: $1,497
2010 Toyota Yaris:
Cost to Drive 25 Miles: $2.49
Fuel to Drive 25 Miles: 0.81 gal
Cost to Fill up: $30.87
Annual Fuel Cost: $1,497
2010 smart Passion Coupe:
Cost to Drive 25 Miles: $2.31
Fuel to Drive 25 Miles: 0.69 gal
Cost to Fill up: $26.07
Annual Fuel Cost: $1,389
fueleconomy.gov Side by Side Comparisons
One day soon we'll be able to see the full lifecycle of a car we purchase it's effects on the environment and the cost for it's entire lifetime.