I just read the post touting the benefits of a cheaper/used car.
[http://www.mrmoneymustache.com/2011/11/28/new-cars-and-auto-financing-stupid-or-sensible]
My question is about those true cost to own calculators and the potential misleading cost of the purchase price.
For instance, the purchase price of a new Prius is around 23k, but over 5 years the cost of ownership is only 32k.
A new Honda Fit is much cheaper up front at 16k, but over 5 years the cost of ownership is 29.5k
Are those calculators reliable? Shouldn't the long-term costs be a factor as well?
I suppose the kicker may be we couldn't pay cash for the Prius and would have to finance about 8-10k.