As with any luxury, a Lincoln car comes at a cost – besides the $55,000 on average you pay for it in the beginning, of course. When you shop for a Lincoln, don’t stop at the sticker price, but look at the other expenses you’ll have to pay in the future.
Here are some factors to take into consideration before deciding which Lincoln car to purchase from your Lincoln Dealership in Fort Lauderdale.
Depreciation Costs
Depreciation is, without a doubt, the biggest expense associated with ownership. The value of your new Lincoln car drops the second you drive off the dealership’s alley. After five years, your vehicle will value less than 40-50% than the initial price, meaning that at the end of those years, the base trim $33,600 2017 MKC will require a financial effort on your part of around $15,000. After that, the depreciation rate flattens out, which is why you need to consider this cost, especially if you plan on selling within that initial period.
Financing
Seeing as some of the interest rates are embedded in the depreciation costs, they will also decrease over the span of five years. For the MKX SUV, for example, you’ll pay $1,900 in the first year, and only $250 in the fifth year. The financing makes between 10-12% of the ownership price of a Lincoln car.
Insurance Fees
The annual insurance rate depends on the feature and safety ratings of your Lincoln, which, in turn, rely on the car’s age. It doesn’t matter if you think you have one of the best Lincoln cars. The older the car, the less safe it is deemed.
On average, the premium for any Lincoln car is around $1,300 meaning 10% of the total cost. That’s exceptionally good, considering the industry sees 18-20% as being acceptable.
Taxes and Fees
On average, the purchase fees for a Lincoln range between $2,000 and $2,500. Lincoln Navigator, however, will ease you out of $4,000. So, keep that in mind when you’re shopping for a car at your local Lincoln Dealership in Fort Lauderdale.
Repairs and Maintenance
These expenses increase as the car ages. By the end of year five, you’ll have spent from $3,000 on an MKZ to $5,500 on an MKT. However, if you did your due diligence and bought your Lincoln car from a reputable seller, such as Pines Lincoln Dealership, you shouldn’t see any problems until year four.
Fuel
Fuel efficiency goes down as the car ages. A Lincoln car uses about $1,500 worth of gas per year, with the MKZ Hybrid being the most efficient. In five years, it will cost you $4,000 compared to the $10,000 of a Navigator.
When you look at these factors, you’ll notice a difference of up to $12,000 between the total cash price and the true cost to own of a Lincoln.
However, it’s interesting to notice that after doing the math, the Navigator, which is the most expensive vehicle in the Lincoln suite, has the best tag - $64,400 - vs. ownership - $71,800. What that tells you is that you better look at the final price because sometimes, the higher-priced car costs less to own than the lower-priced one.
If you need more information about the best Lincoln cars, head over to Pines Lincoln Dealership, and we’ll be more than happy to answer all of your questions.
Pines Lincoln Dealership is located in Pembroke Pines, Florida, and serves South Florida areas of Plantation, Davie, Fort Lauderdale, Margate, Miramar, Miami and Hollywood Florida.