Repair Cost Matchup
Published on 11/22/2016
Purchasing a car is typically an event that is approached with uncertainty and incomplete information. Buyers attempt to balance all of their car needs with getting the best deal they can, while MSRP, safety ratings, and MPGs all swim before their bleary eyes. And consumers often forget one of the largest cost considerations of all - repair costs over the life of the vehicle.
For example, say the average repair cost on a vehicle is $300 per common repair. We will estimate that the typical car has 2 repairs per year and the car is owned for 10 years. That would mean, over 10 years, the total repair cost would be $300 x 2 x 10, for a total of $6000.
Now what if you could choose a car that has a much lower average repair cost? A vehicle with an average repair cost of $150 per common repair would end up saving you $3000! This could end up being a significant percentage of your overall cost of vehicle ownership, particularly if you are buying a used car.
Repair Cost Data
You have settled on buying a Toyota, a brand known for reliability. And a sedan is what you need. But now you have to choose between two all-stars: Corolla or Camry. Both have sold millions and millions of models over decades. Let’s take a look at the repair costs of each, to see if this can have any bearing on your decision. For both car models, our data ends up in tables looking like the following:
|Table 1: Common repair costs on 4-Cylinder Toyota Corollas|
We have gone through and listed the repair cost for six common repairs for both Corollas and Camrys. Then we calculate the Average Cost of these six common repairs, over a wide range of years. We won’t show you all those tables, to ease the strain on those bleary eyes. Instead we will graph them, to make the outcome crystal clear.
|Figure 1: Average repair costs for common repairs on 4-Cylinder Camrys and Corollas|
One can see that 4-Cylinder Corollas are consistently cheaper than 4-Cylinder Camrys, in terms of average repair costs. The difference is even starker when we include 6-Cylinder (V6) Camrys:
|Figure 2: Average repair costs for common repairs on 4 and 6-Cylinder Camrys and Corollas|
As you can clearly see, 6-Cylinder Camrys have an even higher average repair cost!
There are many factors that go into buying a new or used car. One frequently overlooked factor is how auto repairs can add up to a large sum over the life of a vehicle.
Simply put, looking into the average repair costs for a prospective vehicle can help save you money. And as for Corolla vs Camry, in a skirmish of who has the lowest repair costs, the Toyota Corolla is the winner!
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