Many drivers don’t realize that buying a less-expensive vehicle model can actually end up costing you more in the long run than a model that is more-expensive up front.

One example of this is a Mitsubishi Lancer vs. a Mini Cooper Clubman. A new Lancer costs around $17,500, which is $5,000 less than the initial cost of the Mini Cooper. Yet, when you consider what ownership costs will be with each vehicle, the Mitsubishi Lancer will end up costing you about $3,000 more after owning the car for five years.

Also realize, a Toyota Highlander will initially cost you $3,000 more than a Ford Explorer V6. However, when you consider ownership costs you will end up paying $6,500 more over a five-year period.

Motorists are very concerned with the sticker price of a vehicle when choosing a car, but many people fail to factor in the ownership costs. For example, auto loans, maintenance costs, roadside assistance, fuel costs, repair costs, and sales tax need to all be factored into the equation.