There are many factors when determining whether or not you’ve made a smart vehicle purchase. These include auto insurance rates, fuel prices, repairs costs, and general upkeep.
Vehicles typically break down into nine classes. Read on to learn about each class of vehicle and how they stack up against one another. This will help you determine which kind of vehicle fits your budget and needs.
Small Sedans
Small sedans tend to be a frugal choice. AAA places their upkeep at just over $6,000 a year. This, of course, does not take into account auto insurance rates and whether or not you choose full or minimum coverage. The average cost for full coverage is just shy of $400 a month for a standard six month period.
The next class of vehicle is small SUVs. They can be considered as some of the most reliable and inexpensive vehicles to own, coming in at just above $7,500 a year along with an average cost of $1,400 for a standard issue full coverage for six months.
Hybrids
Hybrids make up the next vehicle class. Although a hybrid will cost you a pretty penny when considering its sticker price, you’ll be hard pressed to find a more fuel efficient vehicle in any other class.
The owner operating costs of hybrids are usually quite low until the battery needs to be replaced, and auto insurance is often the same or lower as well. Car insurance will run you roughly $2,000. If you’re interested in an option that is eco-friendly, the hybrid is the best choice.
Mid-Size Sedans
Next, you have your mid-size sedans. These cars are the perfect mashup of economic fuel mileage and reliability.
Though they’ll run you just shy of $8,200 annually, auto insurance quotes notwithstanding, if treated right, these treasures will often travel 200,000 to 300,000 miles. You can expect long, safe, and smooth journeys in small sedans.
Electric Cars
The next class of vehicle is somewhat of a double edged sword. While you won’t find a cheaper vehicle in terms of fuel consumption (electric car use a measly ten cents a mile), a hefty price tag makes purchasers hesitant.
From an auto insurance standpoint, $1,700 for a six-month stint of full coverage makes the high MSRP seem a little more reasonable. In comparison to other classes of vehicles, insurance companies charge surprisingly low rates for electric cars.
Minivans
If you need larger accommodations, you’ll most likely turn your attention to the next class of vehicle: The minivan. With a low purchase cost and a high fuel rate of nineteen cents per mile, AAA put owner and operator costs at just shy of $9,200 in 2017.
With an auto insurance average of $1,300 for a six month period, this could easily be considered a midline family vehicle.
Large Sedans
IF you like living large, an even bigger car might be just right. With nearly $10,000 in owner operator costs, large sedans definitely come with a high price tag to match their luxury. You might find that they are worth every cent, though.
With an average car insurance quote of $1,700, affordable insurance can justify the luxury of owning such a car.
Pickup Trucks
The final class of car we’re going to discuss is the full size pick up truck. With an owner operator cost of nearly $10,100, they are quite easily the most expensive class of vehicle to own and with a steep price of nearly $2,000, it’s easy to see why this vehicle class is ranked most expensive in the automotive world.
Ready To Invest In Your New Car?
In conclusion, whether you’re shopping for equine insurance, life insurance or car insurance, it’s best to know the cost behind your options. Now that you’re familiar with the various class of vehicles and how much they will cost you overall, are you ready to purchase auto insurance? If so, go out and get the car of your dreams, and contact us for an insurance quote.
