Consumer Reports has ranked the MINI Convertible as having the lowest cost of ownership for a non-luxury convertible with an estimate of a total cost of ownership of this $24,250 MSRP vehicle of $30,342 - $4,515 less than similar vehicles. It determined the total cost of ownership (over five years) (TCO) based on six factors:Depreciation accounts for 46 percent of TCO (the average model depreciates 65 percent).[Source: via HowStuffWorks]
Fuel costs mount up quickly -- especially for SUVs -- constituting 26 percent.
Interest varies according to vehicle price, but in a typical case (a five-year loan, 15 percent down, 6.4 percent interest), it accounts for 12 percent of TCO.
Insurance costs vary according to age, location, driving record, vehicle make and model but on average account for 11 percent.
Maintenance and repair constitute 4 percent of TCO on average.
Sales tax costs owners about as much as maintenance and repair, assuming the national average of 4.9 percent.
