I had my heart set on buying a 2009 Mitsubishi Eclipse but was shocked to see the true cost to own figures. Is this for real and is there any way around it? I live in Costa Mesa CA.
First of all great choice! The Mitsubishi Eclipse be it the 3.8L 6cyl 5 speed automatic or the 6 speed manual transmission. Both are great energetic rides.
The TCO or True Cost to Own is actually a more realistic price. It considers aside from what you paid initially what you will pay in the next 5 years of owning, operating and maintaining the vehicle. In the TCO, the costs of fuel, insurance, financing, maintenance and such are taken into consideration. You mentioned that you live in Costa Mesa. The TCO for the 6cyl 5 speed automatic is estimated at $56,375 and $55,261 for the 6 speed manual transmission over a five year period.
Based on the TCO, the biggest hit you’ll take is in the first year especially on depreciation. Both types will depreciate by more than $7500 in the first year alone. Financing, insurance and naturally fuel are also going to be high all throughout.
The only way around this is to sell the car after a year or so but then again this isn’t really the answer is it? Personally I would not be too shocked at the sums. Think of it as operating expenses. A car is not like a jacket that you just buy and wear. But then again it still costs to have it dry cleaned or mended right? The only real way to keep costs down is regular, proper maintenance and not always putting the pedal to the metal. Then again that’s no fun, is it?