I don’t always steal quotes from memes on Facebook, but when I do, it’s because I want to save you money. So with that in mind:
“I’d rather not save any money.”
Said no one.
Saving money on a car isn’t just about keeping a few bucks in your wallet on the day you buy, it extends to the amount of money put into the car for as long as you own it. Fuel, insurance, maintenance and more all factor into the long-term costs of any automobile.
Of course, that’s not news to anyone. But what kind of car costs the least to own over the years that you have it? Figure that out, and you’ll laugh in the face of friends and family who thought they got a great deal, but now suffer from a maddening case of financial drain. Symptoms include itchy, watery eyes and severely dry bank accounts.
If you want to avoid such embarrassing problems, read on.
All you have to do is buy a diesel. Even better, save by buying a late-model used diesel.
A recent study by the Transportation Research Institute at the University of Michigan has found that, over their lifespan, diesel cars cost owners thousands less compared to cars running on conventional gasoline. While diesels have a higher pricetag than gasoline-powered cars, the savings over a 5-year period can be as much as $15,000.
Most of the savings are in the $2,000 to $6,000 range, with the highest return on investment coming from the Mercedes-Benz GL-Class. Buyers of a diesel GL will save $13,514 over the course of 3 years and $15,619 in 5 versus owning a gas-powered GL. The Volkswagen Golf TDI can save its owner more than $5,000 over 3 years.
Buyers of the diesel Ram 2500, though, save only $67 compared with the gasoline version of the truck.
It should be noted that the study was commissioned by Robert Bosch LLC, a company that happens to make diesel engine parts. That said, the study takes into account higher diesel fuel prices, higher purchase prices, better fuel efficiency and better value retention.
While the study doesn’t get into used vehicles, common sense says the savings should be even more substantial when comparing a used model diesel vehicle to new. Find a good deal, negotiate your price, and spend the next 5 years saving money!
When researching a car that has a diesel option, would you even consider the gas version?