They are becoming a popular choice for those who shop by car. In recent years, consumers have fallen in love with the versatility and added space offered by crossovers and SUVs. Families appreciate third row models with state-of-the-art entertainment systems and plenty of room for everyone.
Performance enhancements and advanced technologies allow off-road enthusiasts to go more places than ever before and daily commuters enjoy the comfort afforded by luxury SUVs. Oftentimes passenger cars, SUVs have continually impressed drivers with advanced safety features, and high-end technology options. But all of this has a price. So why are SUVs so expensive?
— Firestone Tires (@FirestoneTires)
Many people don’t realize that they are more expensive than cars, especially when you want to take the vehicle on off-road adventures. There are several reasons for this. For starters, a midsize SUV weighs about 5,000 pounds, while a smaller car is about half the size, averaging about 2,600 pounds. The extra weight of an SUV puts a strain on the tires, which require better tread and larger dimensions to maintain optimum performance.
According to , “A basic set of tires will cost you between $200 and $400, while a performance set will cost you between $800 and $1200!” For a smaller car, tires cost much less. The most popular tire size for an all-wheel drive SUV is 235/60 R18, which is made of a stiff material that lasts longer than smaller tires, hence the higher price. Embedded in the sidewall of the tires are nylon, steel and other heavy-duty components designed to improve performance, durability and fuel efficiency.
Another reason tire stores are charging more is increased consumer demand, which is driving prices higher than ever before. Safety also plays into the high cost of SUV tires. With more ground clearance than passenger vehicles, SUVs need larger wheels for superior maneuverability and control.
2. Cost of Ownership
The can be considerably higher than a sedan or smaller passenger vehicle. While the starting MSRP will no doubt be higher, the additional expenses won’t stop there.
According to , “The 5-year cost of owning is the total amount of vehicle-related costs you’re likely to have to cover during the first 5 years of owning a car.” While these costs can vary widely depending on the model, year, and condition of the vehicle, there are several factors to consider.
An SUV has a larger fuel tank and is typically not as fuel efficient as smaller cars, making the cost of refueling significantly higher. Maintenance and repair fees also tend to be higher for SUVs, and auto insurance is usually higher.
With a higher price tag, the financing costs associated with an SUV will also be higher over the life of the loan. it can even be more drastic with an SUV.
How to lower the cost of owning an SUV
Purchasing one will reduce the cost of ownership, but proper maintenance and upkeep can go a long way in limiting expenses. Following the maintenance schedule suggested in your owner’s manual is essential to keep repairs to a minimum for an economical and more reliable vehicle.
SUVs are great for many people, but before you make a purchase, understand the cost of ownership. Selecting an affordable model will help you eliminate costly surprises and keep you happily on the road for years to come.
