Friday, September 26, 2008

Jeep Patriot is Least Expensive Sport Utility Vehicle to Own

Despite high gas prices and general economic uncertainty, many consumers are still in need of sport utility vehicles and are looking for the best values in the marketplace. A study by Edmunds.com, the premier online resource for automotive information, reveals that the Jeep Patriot is the least expensive sport utility vehicle to own. The results are based on Edmunds.com's True Cost to Own℠ data, which incorporates projected model-specific average vehicle ownership costs, consisting of depreciation, financing, taxes, fees, insurance premiums, fuel costs, maintenance and repairs. Edmunds.com's True Cost to Own℠ data accounts for total vehicle costs over a five-year period.
"Even though gas prices are high, some consumers are still in search of a sport utility vehicle to meet their needs,"said Jesse Toprak, Executive Director of Industry Analysis, Edmunds.com. "For those consumers, vehicles like the Jeep Patriot and Nissan Rogue are relative bargains in their segments." The following True Cost to Own℠ data is based on a price of $4.09 per gallon for regular gasoline (the national average on July 15): "One of the most telling aspects of TCO℠ is how vehicles with similar initial costs can have very different total ownership costs, primarily as a result of dissimilar depreciation rates," said Joe Spina, Senior Remarketing Manager, Edmunds.com. "Almost counter-intuitively, large SUV's are now being discounted so heavily that ownership costs have dropped to the point that they are actually a good buy for the right consumer — someone who needs an SUV and plans on keeping it for several years." Edmunds.com's True Cost to Own℠ calculations make the following assumptions: Ownership expenses are for a five-year time span Vehicles are driven 15,000 miles per year Vehicles are financed using traditional financing and not leased Buyers pay 10 percent down on the vehicle Buyers are in the "Gold" credit tier for the purpose of determining the finance rate The loan term is 60 months Buyers represent the average demographic in their state for insurance rates

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