While the decades-old jokes and debates usually relate to boat upkeep (Bring Out Another Thousand), a flashy car with expensive parts can be no less of a financial strain long after the initial purchase has been paid off.
Maintenance costs are also not always directly related to the flashiness of the car itself -- a recent analysis of maintenance and parts data by car resale platform ClunkerJunker found that cargo vans like Stellantis' (FCAU) RAM Promaster City and the Kia (KIMTF) Rio 5 have some of the highest maintenance costs in the 10 years after purchase due to the specialized nature of their components.
A Promaster City owner can expect to spend over 62% of the car's retail price (about $25,000 as of January 2023) within ten years of purchase.
"Many of the most expensive parts to maintain are large cargo trucks and vans often requiring specialty parts and high-grade materials," the study's authors write in the report.
Which Cars Should I Avoid If I Don't Want to Go Broke With Maintenance?
When it comes to everyday cars, Toyota (TOYOF) is the brand with the lowest overall upkeep -- an average car from the Japanese carmaker will cost just 13.41% of the value in maintenance over a 10-year period while models like the Land Cruiser and Sequoia will command a respective 7.29% and 8.50%.
But at 7.09%, Tesla (TSLA) tops the list both for luxury cars and vehicles overall due to the infrequent necessity of repairs. By contrast, an average BMW (BMWYY) will cost its owners 25.34% of its value over the course of 10 years.
"Tesla's range is the cheapest to maintain, with the entry-level hatchback Model S costing just 4.6% of its value to maintain over a decade, slightly less than the SUV Model X," write the study's authors. "Interestingly, several high-performance vehicles are among the least expensive models. The Nissan GT-R (5.2%), Audi S8, Chevrolet Corvette (both 7.5%) and Porsche 911 (8.7%) cost less than a tenth of their showroom value to keep running for over 10 years, despite their powerful engines."
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Car Prices Are Going Up So Maintenance Affordability Is Important
Other luxury makers to top the list for high maintenance costs include Volvo (VLVOF) , Tata Motors' (TENHF) Jaguar and Land Rover.
Lexus and Porsche (POAHY) , meanwhile, have relatively low maintenance prices at a respective 12.28% and 17.27%. The cheapest models for average-priced cars also include the Toyota Supra (8.56%) and GMC (GMC) 's Yukon XL (9.95%) while GMC and Nissan have the most affordable maintenance overall after Toyota -- a typical car from these makers will cost one an average of 14.32% and 17.42% of its value in a 10-year period.
"With its origins dating back to the Korean War in the 1950s, Toyota's Land Cruiser has always been a byword for reliability," the report's authors write. "In 2019, the brand sold its 10 millionth model of their famous SUV, and it's a vehicle that is relied upon by drivers all over the world for their reliability and longevity."
As prices for both new and used cars rise, longevity is a factor that is already starting to factor more and more into many people's purchasing decisions -- along with long wait times for new models amid a global semiconductor shortage, those who bought a new car in November 2022 paid on average $2,250 more than they would have a year ago.
Car parts have been prone to inflation and shortages as well.
