Ross D. Franklin, AP
There are a lot more costs associated with buying a car than just the purchase price, according to CNNMoney.
Even if cars have the same purchase price, they can have different ownership costs. A brand new Kia Sorento LX and Honda CR-V EX both cost approximately $25,000 but their costs differ greatly after five years, according to the article. The Honda CR-V EX will lose about $13,143 after five years of ownership compared to the Kia Sorento LX, which will lose about $16,590 over the same period of time.
"Look carefully at how well the car holds its value, especially if you're taking out a long loan," Kris de la Cuesta of Intellichoice.com, told CNNMoney.
Vehicles can vary greatly when it comes to gas mileage, insurance costs, repair and maintenance costs, according to the article. For example, the Kia Sorento has bigger tires and requires more frequent service than the Honda CR-V. So even though the Honda has a shorter warranty, it's more than offset by its low maintenance. Also, if a car gets better gas mileage, it may require a more expensive grade of fuel, making it very costly. People can check annual fuel costs for any car at fueleconomy.gov.
After five years, a Honda CR-V EX will cost a total of $18,332, not including depreciation. A Kia Sorento LX will have a total cost of 20,646 during that same time period, according to CNNMoney.
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