The premium has been determined based on annual premium data for defined driver profiles and coverages (liability, comprehensive and collision) from a major national insurer. This is the estimated average annual insurance premium in your state. We estimate the resale value assuming the vehicle will be in "clean" condition, will be driven 15,000 miles per year, and will be sold to a private party. The purchase price employed is the vehicle's Total Cash Price minus any taxes and fees included in that amount. This is the amount by which the value of a vehicle declines from its purchase price to its estimated resale value. (However, we do not account for other types of cash rebates or incentives because of the variability of those offers and their eligibility requirements.) For used cars, the Total Cash Price shown is the sum of the vehicle's private-party value price in "clean" condition plus typically equipped options and base tax and fees assessed by your state. Explanation of True Cost to Own® Terms Total Cash Priceįor new vehicles, the Total Cash Price displayed is the vehicle's market value price plus typically equipped options, destination charge, base tax and fees assessed by your state, and, if applicable, gas guzzler tax, less any widely available manufacturer-to-customer cash rebates. We also take into account any applicable federal tax credit. Using proprietary formulas, we calculate the 5-year costs for the seven cost categories that make up the TCO® (car depreciation, insurance, financing, taxes & fees, fuel, maintenance and repairs). You are making a 10% down payment on the vehicle at purchase.You have an above-average credit rating for the purpose of determining your finance rate.You are financing the vehicle using traditional financing, not leasing.Operating costs are estimated for a 5-year period.The TCO® calculations use the following set of assumptions: Note that TCO® is a comparative tool, not a predictive tool - your actual 5-year cost of owning a particular vehicle will vary depending on your personal circumstances such as your driving history and the number of miles you drive. For a used car, we calculate the years the vehicle has been driven using the nominal difference between the current calendar year and the vehicle's model year, and we assume that it was driven 15,000 miles during each of those years. In order to estimate certain mileage-dependent costs, we assume that vehicles will be driven 15,000 miles per year. The components of this TCO® calculator are car depreciation, interest on financing, taxes and fees, insurance premiums, fuel, maintenance, repairs, and any federal tax credit that may be available.
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