3 Hybrid SUVs With Ownership Costs That Surprise Drivers
Hybrid SUVs combine spaciousness and functionality with better fuel economy, making them a great go-to option for your next vehicle purchase.
Despite the potential perks and savings, owners may be blindsided by some expenses they never considered before signing on the dotted line.
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Here are four hybrid SUVs whose ownership costs might surprise you (in a good way).
Toyota RAV4 Hybrid
Toyota is known for affordability and reliability, yet owners report about $35,900 in ownership costs over the first five years, per CarEdge. Depreciation and insurance each cost about $10,000, while maintenance and fuel cost $2,000 and $8,000, respectively. If you finance your RAV4 Hybrid, expect to pay about $6,000 in interest.
“I would recommend the Toyota RAV4 Hybrid, as this vehicle has really affordable running costs so if you’re looking specifically at the maintenance costs, it comes in at $500 annually,” said Luke Oswald, automotive specialist at Wheels Away. “In a hybrid there’s no conventional starter motor and they have regenerative braking which significantly reduces the friction on brakes and this can be a perk in itself, as brake replacements are the most common maintenance costs SUV owners attract.”
Lexus NX 350h
The Lexus NX 350h costs about $50,900 over the first five years of ownership. The two largest contributors are depreciation at $20,700 and insurance at $14,000. Fuel and maintenance are average, at $6,000 and $2,500, respectively. Financing costs are also about $8,000.
“The maintenance costs for this model are a lot lower than people expect, they come in at $500 a year (on average)," Oswald said. “The vehicle maintains a great resale value as well, they typically go for $29,500 after five years, which is good for a compact SUV. The vehicle is also made with better quality materials, including advanced sensor-packed bumpers. These extra features usually mean increased repair costs on any vehicle, not just this model, and insurance factors into their pricing.”
Toyota Highlander Hybrid
The Toyota Highlander Hybrid will cost you about $48,000 over five years of ownership. A large share of this cost is depreciation, which is about $20,000 in the first five years. Other notable costs include $12,000 for insurance, $2,000 for maintenance and repairs, $8,000 for financing, and $7,000 for fuel.
“The Highlander delivers great fuel efficiency for a seven-seater car, and that’s the selling point for this SUV, it’s for the families who need space but want to minimize fuel costs,” Oswald said. “So if you need the extra seats, I would still say it’s one of the best recommendations I can make for a hybrid SUV.”
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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