The Auto Writer

I’m originally from New Jersey where paying a lot of money for car insurance is a fact of life. True, rates have eased over the years, but factor in car payments, maintenance, repairs, gas, registration, depreciation, etc. and you’re likely to dish out a hefty amount of money each year.

Edmunds has a tool on their website which helps drivers figure out the True Cost to Own (TCO) for their vehicles. Calculating costs based on expenses previously mentioned (plus property taxes in some states) and you can find out what it costs to keep your vehicle.

The calculator needs the following from you:

• Your car — new or used?
• Model year — calculating only as far back as 2003.
• Vehicle make
• Vehicle model
• Vehicle trim level
• Your zip code

I entered information for a fictious used car, a 2007 Cadillac CTS with a 3.6L engine. The true cost of ownership for the next five years would be a whopping $46,463 based on a purchase price of $29,823. However, I did see this same car for sale by Enterprise for at least $7000 less so my real cost would be just north of $39,000.

I’m not in the market for a car, use or new, but the information Edmunds provides is eye-opening. Once you input the information, I detailed chart is developed which offers you a cost-by-cost breakdown for the first five years of ownership.

By the way, Hawai’i residents have the highest cost of ownership while New Hampshire residents have the lowest.