Estimate the true cost of owning a used car over your desired ownership period, factoring in purchase price, fuel, insurance, maintenance, and depreciation.
function calculateUsedCarTCO() {
var purchasePrice = parseFloat(document.getElementById('purchasePrice').value);
var ownershipYears = parseFloat(document.getElementById('ownershipYears').value);
var annualMiles = parseFloat(document.getElementById('annualMiles').value);
var fuelEfficiency = parseFloat(document.getElementById('fuelEfficiency').value);
var fuelPrice = parseFloat(document.getElementById('fuelPrice').value);
var annualInsurance = parseFloat(document.getElementById('annualInsurance').value);
var annualMaintenance = parseFloat(document.getElementById('annualMaintenance').value);
var resaleValue = parseFloat(document.getElementById('resaleValue').value);
// Input validation
if (isNaN(purchasePrice) || purchasePrice < 0) {
document.getElementById('result').innerHTML = 'Please enter a valid Used Car Purchase Price.';
return;
}
if (isNaN(ownershipYears) || ownershipYears <= 0) {
document.getElementById('result').innerHTML = 'Please enter a valid Ownership Period (must be greater than 0).';
return;
}
if (isNaN(annualMiles) || annualMiles < 0) {
document.getElementById('result').innerHTML = 'Please enter valid Annual Miles Driven.';
return;
}
if (isNaN(fuelEfficiency) || fuelEfficiency <= 0) {
document.getElementById('result').innerHTML = 'Please enter a valid Fuel Efficiency (MPG, must be greater than 0).';
return;
}
if (isNaN(fuelPrice) || fuelPrice < 0) {
document.getElementById('result').innerHTML = 'Please enter a valid Average Fuel Price.';
return;
}
if (isNaN(annualInsurance) || annualInsurance < 0) {
document.getElementById('result').innerHTML = 'Please enter a valid Annual Insurance Premium.';
return;
}
if (isNaN(annualMaintenance) || annualMaintenance < 0) {
document.getElementById('result').innerHTML = 'Please enter valid Annual Maintenance & Repairs.';
return;
}
if (isNaN(resaleValue) || resaleValue purchasePrice) {
document.getElementById('result').innerHTML = 'Estimated Resale Value cannot be greater than the Purchase Price.';
return;
}
// Calculations
var totalFuelCost = (annualMiles / fuelEfficiency) * fuelPrice * ownershipYears;
var totalInsuranceCost = annualInsurance * ownershipYears;
var totalMaintenanceCost = annualMaintenance * ownershipYears;
var totalDepreciationCost = purchasePrice – resaleValue;
var totalOwnershipCost = purchasePrice + totalFuelCost + totalInsuranceCost + totalMaintenanceCost – resaleValue;
var annualOwnershipCost = totalOwnershipCost / ownershipYears;
// Display results
var resultHTML = '
When you're in the market for a used car, the sticker price is just the beginning. The true financial commitment extends far beyond the initial purchase. This is where understanding the Total Cost of Ownership (TCO) becomes crucial. Our Used Car Total Cost of Ownership Calculator helps you estimate the full financial impact of your potential vehicle over your desired ownership period.
What is Total Cost of Ownership (TCO) for a Used Car?
Total Cost of Ownership (TCO) is a comprehensive calculation that includes the purchase price of the vehicle plus all the expenses incurred during the period you own it, minus any value you recover when you sell it. For a used car, TCO typically includes:
Purchase Price: The initial amount you pay for the car.
Fuel Costs: Determined by your annual mileage, the car's fuel efficiency (MPG), and the average price of fuel.
Insurance Premiums: The cost of keeping your vehicle insured annually.
Maintenance and Repairs: Regular servicing, unexpected repairs, and replacement parts. Used cars, especially older ones, can sometimes incur higher maintenance costs.
Depreciation: The loss in value of the car over time. Even used cars continue to depreciate, though often at a slower rate than new vehicles. This is calculated as the purchase price minus the estimated resale value.
Other Potential Costs (not in this calculator but important to consider): Registration fees, taxes, financing costs (if applicable), and parking fees.
Why Calculate TCO Before Buying?
Calculating the TCO provides a realistic financial picture, helping you:
Budget Effectively: Avoid surprises by knowing your average annual and total expenses.
Compare Vehicles: A car with a lower purchase price might have higher TCO due to poor fuel efficiency or expensive maintenance, making a slightly more expensive but more efficient model a better long-term choice.
Make Informed Decisions: Understand if a particular used car truly fits within your long-term financial plan.
Plan for Resale: By estimating the resale value, you can better understand the depreciation impact.
How Our Calculator Works
Our calculator takes several key inputs to provide a detailed TCO estimate:
Used Car Purchase Price: Enter the price you expect to pay for the vehicle.
Expected Ownership Period (Years): How long do you plan to keep the car? This significantly impacts total costs.
Annual Miles Driven: Your typical yearly driving distance directly affects fuel and maintenance costs.
Fuel Efficiency (MPG): The car's miles per gallon rating. Higher MPG means lower fuel costs.
Average Fuel Price ($ per Gallon): Your local average fuel price.
Annual Insurance Premium ($): Your estimated yearly insurance cost for the vehicle.
Annual Maintenance & Repairs ($): An estimate of how much you expect to spend on upkeep each year. This can vary greatly by make, model, and age.
Estimated Resale Value at End of Period ($): What you anticipate selling the car for when you're done with it. This reduces your overall TCO.
By inputting these figures, the calculator will provide you with the total estimated cost of ownership over your specified period, as well as an average annual cost, helping you make a smarter used car purchase.