When purchasing a vehicle, it can be tempting to simply opt for the car that has the lowest sticker price. But according to Fox Business, this may not always be the smartest play - as sometimes a vehicle can end up costing a driver much more in the long run.
Sure, everyone knows that a high-MPG vehicle is more valuable than a gas guzzler because you'll spend less at the pump. Yet many drivers don't realize the other hidden costs associated with a vehicle - repairs, maintenance, depreciation, insurance premiums and more can all turn a great deal into a bad one pretty quickly.
For example, it pays to invest in a vehicle with a high safety rating, as you'll save each month on your insurance bill.
"Insurance companies offer discounts for vehicles with higher safety and crash test ratings and charge more for makes and models that are rated lower for safety and crashworthiness," Carole Walker, executive director of the Rocky Mountain Insurance Information Association told the news source.
In addition, a driver might want to look into reliability records. Those who keep up with their vehicle inspections and tune-ups can avoid big repairs, but if a model is known for breaking down even the most careful driver could incur some big costs.