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Yahoo
03-08-2025
- Automotive
- Yahoo
8 Popular Car Brands To Stay Away From in Retirement
Buying a car in retirement isn't just about style or performance; it's about long-term value and reliability. With a fixed income and fewer daily driving needs, retirees should prioritize vehicles that are affordable to maintain over time. Unfortunately, some popular car brands come with surprisingly high upkeep costs that can drain your savings. Consider This: Read Next: If you want to protect your budget and peace of mind, consider not just the cost of your new car, but also the cost to keep it running through your retirement. According to CarEdge, these are the top eight most expensive car brands to maintain along with some of their pricier 2025 models. Ram You might have favored certain makes and models in the past, but now that you've entered a new chapter in your life, it might be time to reevaluate. The industry average for maintenance costs for popular brands is $8,303, making Ram's over $20,000 estimate a steep bill to consider. Moreover, CarEdge found that there is a 68% chance that your Ram will need a major repair within 10 years, which is considerably worse — over 43% worse — than other auto manufacturers studied. Average 10-year maintenance costs for Ram models: $21,595 Ram 3500 10-year maintenance costs: $27,445 Ram 2500 10-year maintenance costs: $27,423 Ram 1500 10-year maintenance costs: $19,357 Jeep It's wise to research car maintenance costs, so you don't accidentally buy a new car that requires pricey upkeep that will eat into your fixed income and Social Security benefits. Jeeps are often on many mechanics' lists of car models to avoid due to their higher than average 10-year maintenance and repair costs. With a jeep, there is a 32% chance your vehicle will need a major repair within the first 10 years of ownership, whereas the industry average sits at a little over 24%. Here are a few of the pricier options to maintain: Average 10-year maintenance costs for Jeep models: $11,690 Jeep Gladiator 10-year maintenance costs: $12,679 Jeep Grand Wagoneer L/ Jeep Grand Wagoneer 10-year maintenance costs: $12,375/ $12,269 Jeep Wrangler 10-year maintenance costs: $11,664 Jeep Grand Cherokee 10-year maintenance costs: $11,217 Learn More: Chrysler When you are budgeting out your monthly expenses in retirement, you plan on gas and insurance costs for your car, but excessive maintenance may put you over what you have allotted. If you decide to purchase a Chrysler, you'll have to factor in maintenance costs that are $3,064 higher than the average. This is in addition to the 32% chance of your car needing a major repair. Here are a few specific models you may want to dodge in retirement: Average 10-year maintenance costs for Chrysler models: $11,367 Chrysler Pacifica 10-year maintenance costs: $11,520 Chrysler Voyager 10-year maintenance costs: $11,207 Dodge If you want to be both fiscally and frugally responsible as a retiree, make sure you don't invest in cars that will cost you more than just standard wear and tear on your wallet. The $11,352 average maintenance and repair cost for Dodge vehicles is $3,049 over the industry average, meaning retirees will have to account for that added expense when budgeting. Similar to the Chrysler and Jeep brands, Dodge also has a 32% chance of requiring a major repair within the first 10 years of owning the vehicle. Here are some 2025 Dodge models that can be expensive to upkeep: Average 10-year maintenance costs for Dodge models: $11,352 Dodge Durgango 10-year maintenance costs: $11,768 Dodge Hornet 10-year maintenance costs: $10,934 Ford Just because something is built Ford tough doesn't mean it won't be hard on your finances. The cost to maintain and repair your Ford over 10 years will run an average of $10,392, which is $2,089 over the average for popular brands overall. And the chance your vehicle will need a major repair during that time is approximately 7% worse than the standard. If you want to stretch your nest egg a bit further in retirement, you may want to consider alternative modes of transportation. Average 10-year maintenance costs for Ford models: $10,392 Ford F-150 to Ford F-450 10-year maintenance costs: $11,367 to $16,170 Ford Expedition 10-year maintenance costs: $10,302 Ford Bronco 10-year maintenance costs: $10,159 Ford Explorer 10-year maintenance costs: $9,766 Chevrolet Chevrolet is another popular car brand with a steeper than average 10-year maintenance and repair cost — $1,359 higher to be exact. With a 28% chance of your Chevy needing a major repair, which is 4% worse than other auto manufacturers studied, retirees may have to contend with costlier mechanic bills alongside their other necessary expenses. Average 10-year maintenance costs for Chevrolet models: $9,662 Chevrolet Silverado 1500 to Chevrolet Silverado 3500 10-year maintenance costs: $11,045 to $15,497 Chevrolet Colorado 10-year maintenance costs: $10,713 Chevrolet Suburban 10-year maintenance costs: $10,108 Chevrolet Tahoe 10-year maintenance costs: $10,029 GMC It may seem counterintuitive to expect the unexpected, but when it comes to car expenses, you may need more than your emergency savings to cover some of these maintenance costs. GMC models on average will cost retirees nearly $9,500 in maintenance and repairs over 10 years. Not only that, but GMC vehicles have a 28% chance of requiring a major repair. Average 10-year maintenance costs for GMC models: $9,467 GMC Sierra 1500 to GMC Sierra 3500 10-year maintenance costs: $10,002 to $14,014 GMC Canyon 10-year maintenance costs: $9,568 GMC Yukon XL 10-year maintenance costs: $9.373 Buick Buick may bill itself as exceptional by design, but that design could cost you with an average 10-year maintenance and repair cost that's $715 higher than the industry average. While this may not seem like a lot, every dollar counts if you're living with a fixed income. Add to that the 25% chance of your car needing a major repair, which is 1% worse than other manufacturers, and you might want to consider avoiding these models in your golden years. Average 10-year maintenance costs for Buick models: $9,018 Buick Enclave 10-year maintenance costs: $9,322 Buick Envision 10-year maintenance costs: $9,105 Buick Encore GX 10-year maintenance costs: $8,857 Editor's note: Data sourced via CarEdge, and is accurate as of Jul. 31, 2025. More From GOBankingRates How Much Money Is Needed To Be Considered Middle Class in Your State? This article originally appeared on 8 Popular Car Brands To Stay Away From in Retirement Solve the daily Crossword
Yahoo
02-08-2025
- Automotive
- Yahoo
Are You Eligible for Trump's Auto Loan Deduction? Here's Who Qualifies
President Donald Trump's 'One Big Beautiful Bill,' which he signed on July 4, 2025, included some welcomed relief for eligible new car buyers, who are facing high purchase prices and interest rates. From 2025 to 2028, you may qualify to deduct as much as $10,000 annually in car loan interest on your federal tax return. Read Now: Find Out: A recent IRS fact sheet broke down the key vehicle, taxpayer and loan requirements for this new deduction. Whether you recently bought a vehicle or are looking for one, find out how to qualify and how much your potential tax savings could be. Does Your Vehicle Qualify? This deduction applies only if your new (not used) vehicle meets all of these rules: It was assembled at the final stage at a U.S. plant. Its gross weight is below 14,000 pounds. It has two or more wheels and is suitable for driving on public roads. It doesn't have a salvage title. It's an eligible vehicle type, such as a motorcycle, SUV, car, pickup truck or van. Eligible makes and models vary. As of April 2025, CarEdge listed 117 American-made vehicles from makers such as Chevrolet, Tesla, Nissan, Ford, Volkswagen, Hyundai, Mazda, Jeep, Honda, GMC, Toyota and Volvo. Since the final assembly location is what matters, even international brands can qualify. If you're shopping for a car, you can ask local dealerships, many of which are already advertising the deduction, or you can research U.S.-manufactured options online. The United Auto Workers website also noted that a U.S.-manufactured vehicle will have a vehicle identification number (VIN) that begins with the digit 1, 4 or 5. Discover Next: What Are the Taxpayer Rules? Similar to the student loan interest deduction, the new auto loan interest deduction is available whether you itemize or take the standard deduction, and you can't exceed the modified adjusted gross income (MAGI) limit for your filing status. To get the maximum auto loan interest deduction, your MAGI can't be above $200,000 if you're a joint filer or $100,000 if you use another filing status. According to the bill's text, there's still a partial deduction with a MAGI of up to $250,000 for joint filers and $150,000 for other filers; the reduction is $200 per $1,000 of your MAGI exceeding the base threshold. What Are the Financing Rules? Even if you meet the taxpayer and vehicle rules, you'll need to make sure your loan qualifies. Specifically, you must have taken out your loan after December 31, 2024, and it must be a personal vehicle loan where you used the vehicle as collateral. So, if your family gave you a loan to buy an eligible car or you got an unsecured personal loan from the bank, you can't deduct the interest. The same is true if you took out a loan to buy a vehicle for commercial use, leased the car or financed a vehicle you planned to use for parts. If you financed or leased a business vehicle, you might qualify for a different tax break via a business expense deduction. You can get the details in IRS Publication 463. How Big Could Your Deduction Be? If you're eligible for this deduction, your potential tax savings will depend on your tax bracket, the amount of auto loan interest you paid and your MAGI. Keep in mind that the deduction lowers your taxable income and isn't a credit that directly lowers your tax liability. For example, if you pay the maximum $10,000 in annual auto loan interest, have a MAGI low enough for the full deduction and fall in the 22% tax bracket, you could save $2,200 that year. But the most someone in the 10% tax bracket could save is $1,000. CBS News noted that you'll likely see smaller deductions after the first year due to how banks frontload interest. You may also qualify for extra savings of up to $7,500 if your new vehicle is eligible for the federal EV credit. While the 'One Big Beautiful Bill' cut this tax perk, it remains available for eligible vehicles bought through September 2025. How To Claim the Deduction The IRS has provided few details so far on reporting auto loan interest on your next tax return, but it noted that you will have to provide your vehicle's VIN. You can also expect your auto lender to send a tax document showing the interest paid. The IRS should provide more details closer to tax season. More From GOBankingRates 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years This article originally appeared on Are You Eligible for Trump's Auto Loan Deduction? Here's Who Qualifies
Motor 1
01-08-2025
- Automotive
- Motor 1
The 10 Fastest-Selling Cars of 2025 (So Far)
The list of slowest-selling cars of 2025 includes some unlikely vehicles from a few heavy hitters—brands like Audi, Porsche, Ram, and others. But when it comes to the fastest-selling cars of 2025 (so far), you probably won't be shocked to see many of the names on this list, with data gathered by the fine folks over at CarEdge . As opposed to some vehicles, which can sit on dealer lots for more than a year, all of the fastest-selling cars of 2025 average fewer than 40 days on dealer lots, with a few barely hanging around for longer than two weeks. Some of the best-selling brands and vehicles are well-represented here, including Ford, Lexus, and Toyota. But there are a few surprise entries that do crack the top 10. So if you're in the market for any of these vehicles, you'd better move quickly. 10. Toyota Corolla Sedan: 34 Days Photo by: Toyota Total For Sale: 24,649 Total Sold In 45 Days: 33,072 It's no surprise to see the Toyota Corolla on this list—what might be surprising is that it's this far down. The perennial best-selling sedan has an average market supply of only 34 days, with more than 33,000 examples finding new homes in the last 45 days. Perhaps more impressive is the fact that Toyota also has nearly 25,000 examples for sale on dealer lots at present. 9. Cadillac Escalade ESV: 33 Days Photo by: Cadillac Total For Sale: 1,377 Total Sold In 45 Days: 1,880 Cadillac's $90,000, three-row luxury SUV is the priciest vehicle on this entire list. However, with an average market supply of just 33 days, it's also a burning-hot commodity. In just 45 days, Cadillac sold 1,880 examples of the Escalade ESV , but since it's such a pricey vehicle, the total number on sale is only around 1,300 examples. 8. Ford F-450 Super Duty: 32 Days Photo by: Ford Total For Sale: 888 Total Sold In 45 Days: 1,267 Ford's biggest, brawniest pickup truck has an average market supply of just 32 days. Fleet sales undoubtedly help, but with just 888 on sale currently and over 1,200 sold in 45 days, Ford seemingly has no problem moving this massive work truck. 7. Toyota RAV4: 31 Days Total For Sale: 48,321 Total Sold In 45 Days: 69,350 The Toyota RAV4 was the best-selling SUV in 2024 and the third-best-selling vehicle in America, just behind the Ford F-150 and Chevrolet Silverado pickups. So it's no surprise to see that the compact SUV is such a hot commodity, with an average market supply of just 31 days. More impressively, Toyota sold nearly 70,000 examples in 45 days—more than any other vehicle on this list. 6. Toyota Camry: 28 Days Photo by: Jeff Perez / Motor1 Total For Sale: 34,864 Total Sold In 45 Days: 56,302 Toyota's longstanding mid-size sedan is a big mover. The Camry has an average market supply of just 28 days, with more than 56,000 examples sold in 45 days. The Camry also has one of the largest inventories of any car on this list, with nearly 35,000 on sale in the US right now. 5. Toyota Corolla Cross: 28 Days Photo by: Toyota Total For Sale: 12,407 Total Sold In 45 Days: 19,888 The Corolla Cross is a relative newcomer to the Toyota lineup, debuting for the US in 2022, but it's already one of the automaker's most popular vehicles. The Corolla Cross has an average market supply of just 28 days, with 19,888 examples finding homes in the last 45 days. 4. Cadillac Escalade: 27 Days Photo by: Cadillac Total For Sale: 1,924 Total Sold In 45 Days: 3,171 If the Escalade ESV has an average market supply of 33 days, you'd expect the standard version to be even more popular—and it is. The Escalade has an average market supply of just 27 days, with more than 3,000 units finding new homes in the last 45 days. 3. Lexus RX Hybrid: 22 Days Total For Sale: 2,179 Total Sold In 45 Days: 4,527 The only Lexus on this list is the luxury brand's best-selling RX SUV, which has an average market supply of 22 days. But it's not the standard version with the turbocharged four-cylinder engine. Instead, buyers can't get enough of the RX Hybrid, which gets up to 36 miles per gallon combined. More than 2,000 examples are available for sale in the US right now, with 4,500 finding new homes in the last 45 days. 2. Toyota Highlander: 21 Days Photo by: Toyota Total For Sale: 4,594 Total Sold In 45 Days: 9,671 Toyota now has multiple variants of its three-row Highlander SUV, including the new Grand Highlander. But the standard, mid-size three-row is still the most popular option with an average market supply of just 21 days. Nearly 10,000 found new homes in 45 days, while there are more than 4,500 units sitting on dealer lots. 1. Toyota Sienna: 20 Days Photo by: Jeff Perez / Motor1 Total For Sale: 7,582 Total Sold In 45 Days: 16,670 Who said the minivan was dead? The fastest-selling vehicle in the US in 2025 (so far) is the longstanding Toyota Sienna minivan. With an average market supply of just 20 days, buyers can't snap up the Sienna fast enough. More than 16,000 found new homes in the last 45 days, with 7,500 still sitting on dealer lots. Fastest-Selling Cars 2025 Toyota Sienna: 20 Days Toyota Highlander: 21 Days Lexus RX Hybrid: 22 Days Cadillac Escalade: 27 Days Toyota Corolla Cross: 28 Days Toyota Camry: 28 Days Toyota RAV4: 31 Days Ford F-450 Super Duty: 32 Days Cadillac Escalade ESV: 33 Days Toyota Corolla Sedan: 34 Days More Car Sales Figures Lamborghini Is Selling More Cars Than Ever. But It's Not All Good News Lexus Has Only Sold 248 LC Hybrids—Ever Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )
Yahoo
23-07-2025
- Automotive
- Yahoo
This 3-Row SUV Blends Reliability With Everyday Practicality
If you need a family SUV that will keep running smoothly for years, few three-row options have a stronger track record than this one. Blending dependable performance with smart practicality, it's become a go-to for drivers who prioritize long-term peace of mind. This SUV delivers a roomy interior, user-friendly tech, and fuel-efficient engine options, all backed by a reputation for lasting reliability. Whether you're hauling kids, cargo, or both, its versatile layout and proven dependability make it a standout in a crowded segment. While rivals might offer flashier styling or more aggressive powertrains, this three-row SUV wins over families with its quiet confidence and worry-free ownership. If you're looking for a daily driver that's as durable as it is practical, this is one of the safest bets on the road today. In order to give you the most up-to-date and accurate information possible, the data used to compile this article was sourced from various manufacturer websites and other authoritative sources, including J.D. Power, CarEdge, RepairPal, and the EPA. The 2025 Toyota Highlander is Exceptionally Sturdy When buying a family car, one that you plan to keep around for a long time, it is likely that reliability is at the top of your list of priorities. Peace of mind when you and your family hit the road is invaluable. This is why the Toyota Highlander should be at the top of your list of options, with a proven track record when it comes to reliability and a reputation for lasting. Reliability Scores and Owner Testimonials There are a number of sources that collect information from verified owners to underline the reliability of vehicles. One of the most reliable sources of this data is J.D. Power. According to them, the Highlander is among the most reliable vehicles on the market, with a score of 81 out of 100 for quality and reliability for 2025. In the last ten years, only one model has dipped below 80 out of 100, and that was with a score of 79. When looking at reviews of owners on it is easy to see that most people concur with J.D. Power. While some have had issues with more recent model years, the overall sentiment is still a positive one. The 2020 model year, which is the first model after it was redesigned, has a score of 4.8 stars out of five for reliability. Overall a good reliable 3-row SUV, with a comfortable ride, decent trip mileage, and good acceleration... Maintenance Costs One of the best things about opting for a Toyota is low maintenance costs. For example, CarEdge estimates that you'll spend around $6,291 on maintenance for your Highlander over ten years of ownership. This is $1,917 less than the average popular SUV. RepairPal concurs, estimating that you should put aside around $489 annually for maintenance and repairs. CarEdge also estimates that there is a 16.6 percent chance that you will need to perform a major repair on the Highlander in its first ten years on the road. They define a major repair as anything that costs more than $500. This is around eight percent lower than average for the segment. Warranties and After-Sales Support Limited Warranty - Three Years or 36,000 Miles Powertrain Warranty - Five Years or 60,000 Miles Complimentary Maintenance - Two Years or 25,000 Miles When buying a brand-new Highlander, you get the benefit of Toyota's warranty packages. Compared to what is on offer from other automaker's, the bumper-to-bumper coverage and powertrain coverage are about average. If you're looking for a better plan, Hyundai and Kia have the best in the business, with a ten-year, 100,000-mile plan. Toyota does sweeten the deal by covering your first two years of maintenance on the house, though. Toyota Equips the Highlander With a Comfortable and Spacious Interior Three-row mid-size SUVs are among the most popular vehicles for families, and it isn't hard to see why. The Highlander is an exceptionally versatile SUV, with plenty of room for up to eight passengers. It may not be the most exciting, nor the flashiest option on the market, but Toyota focuses on functionality, which they deliver in spades in the 2025 Highlander. Interior Dimensions and Comfort Depending on its configuration, the Highlander has seating for up to eight. Opting for the optional second-row captain's chairs reduces capacity down to seven. Those in the first and second row are spoiled, with tons of room to stretch out and relax. The third row is a little tighter, with it only really being suitable for children. If you want more room in the way back seats, we'd suggest the Grand Highlander. The Grand Highlander is brand new though, so it doesn't have a record when it comes to quality and reliability, and it is more expensive. Toyota sticks to its utilitarian ideology when it comes to the interior design of the Highlander, with things kept relatively low-key. However, this doesn't mean that quality is bad, with upscale materials used throughout the cabin, particularly on top trims. Things like leather upholstery and heated and ventilated seats are available, ensuring that you and your family are kept comfortable on long hauls. Infotainment and Technology The Highlander continues its substance-over-style approach when it comes to the infotainment system. Base trims make do with an eight-inch infotainment screen fixed to the center of the dashboard. However, a 12.3-inch unit is available on higher trim levels. Trims with the larger infotainment screen also replace their analog gauges with a 12.3-inch digital gauge cluster. There are plenty of features to keep the family connected and entertained on journeys, including standard Apple CarPlay and Android Auto. You also have access to SiriusXM satellite radio and a 4G LTE Wi-Fi hotspot. As well as the many USB ports throughout the cabin, most trims come with a wireless smartphone charging pad. Base models get a six-speaker sound system, but you can upgrade to an 11-speaker premium JBL system instead. You Don't Have To Climb the Trim Ladder Very Far To Find Good Value A lot of modern automakers reel you in with low starting prices. However, it is often the case that to find a model with the features that you actually want, you have to skip a couple trim levels and shell out a lot more cash. This isn't the case with the 2025 Highlander, though, with Toyota ensuring that even the most affordable models offer plenty of value. 2025 Trims and Pricing The 2025 Highlander starts at just above $40,000, which is pretty standard for a three-row mid-size SUV. Most of its competitors sit in the same price bracket. For the 2025 model year, Toyota has made some changes to help improve the value proposition of their crossover. This includes adding all-wheel drive as standard on the XSE and Platinum models. All hybrid models also come standard with all-wheel drive now. Whether you're looking for a hybrid or a gas-only model, we think that the XLE represents the best value. It is a relatively small jump in price over the base model, but it comes with a ton of equipment to justify its higher price. Things like second-row captain's chairs, heated seats, a wireless smartphone charging pad, and the option of upgrading the audio system all make it worth it. If you're willing to spend more upfront for savings later, we'd also suggest going with the hybrid over the gas-only model. Performance Specifications You can either go with the turbocharged gas-only Highlander, or one equipped with a naturally aspirated hybrid setup. While the gas-only model may entice you with higher power figures, the reality is that both accelerate at pretty similar rates. In either guise, the Highlander is reasonably peppy, and you're never going to feel like you can't keep up. Toyota's mid-size SUV is not a particularly exciting vehicle to drive. While the traditional automatic and turbocharged engine might be alluring to some, it doesn't result in a much more entertaining experience than the hybrid with the CVT. Both models do, however, deliver a pretty smooth and comfortable ride, which is more important in a family car in our opinion. The hybrid is more expensive upfront, but will save you plenty on gas in the long run.
Yahoo
13-07-2025
- Automotive
- Yahoo
6 Used Luxury Cars Retirees Should Avoid
Driving a luxury car is one way to reap the reward for years of hard work, but not all high-end vehicles age gracefully — or affordably. According to the Federal Reserve Bank of St. Louis (FRED), it takes an average of $5,000 a month to live comfortably in your golden years and transportation costs are $9,033 per year, which could easily skyrocket with the wrong vehicle. Discover More: Read Next: For retirees living on a fixed income, certain used luxury models can become money pits, thanks to costly repairs, expensive parts and declining reliability. Before you splurge on that dream ride, take a look at the used luxury cars experts say retirees should steer clear of to avoid taking a serious bite out of your savings. While it's famous for its luxury and performance, it's also famous for being expensive to repair and maintain. According to CarEdge, the 7 series will run around $15,991 for maintenance and repair costs during their first 10 years of service, which is $4,007 more than other luxury brands. In addition, there's a 47.1% chance that a BMW vehicle will need a pricey repair in that time frame. 'The electronics, air suspension and various parts of the drivetrain can be costly to repair, and common issues include both engine and transmission woes that can develop into very expensive issues over time,' Rob Dillan, automotive expert and founder of EVHype said. Consider This: The Land Rover Range Rover has a luxurious interior and off-road ability, but high maintenance expenses. 'For models from 2002 to 2012, you can face $19,000 in repairs over 10 years for things like air suspension failures and electrical issues,' Dillan said. CarEdge also puts the amount of repairs around that figure. The site estimates $20,136 for maintenance and repairs during its first 10 years of service, which is $7,642 more than other luxury SUV models. Plus, there's a 51.26% chance a Land Rover Range Rover will need expensive repairs within the first decade. Mercedes S-Class is known for luxury and features, but it can be expensive to maintain, particularly for older cars. In the first five years of ownership, expect to shell out $12,406 for maintenance and repairs, per Edmunds. 'Air suspension and electrical repairs can add up and make it a less dependable option for retirees,' Dillan explained. The Audi A8 is a sleek design and high performing full-sized sedan, but it puts a dent in your savings. 'High repair costs are another common complaint with the otherwise solid-performing Audi A8,' Dillan said. 'That air suspension, in particular, can be a nightmare and costly to retrofit. Even the technology systems in those cars typically need to have repairs done after several years, further contributing to the expense.' In the first 10 years of service, CarEdge estimates it will cost owners $10,618 for maintenance and repairs, which is $828 more than the industry average. In addition, there's a 27.7% chance of a big repair needed in that time period. It may not be very reliable, which is bad news for retirees and car owners, but the Jaguar XJ is a beautiful and stylish car. 'Maintenance costs — especially for the engine and the electrical systems — can be expensive. Older ones in particular may be in need of frequent repairs,' said Dillan. According to CarEdge, in the first decade of ownership, Jaguar models typically average $15,662 for maintenance and repair costs — that's $3,678 more than the industry standard. There's also a high chance — 44.9% — that something major can happen in the first 10 years. The Porsche Panamera delivers world-class performance, but ownership costs are quite a barrier. 'The repair and maintenance costs can easily reach the thousands, especially with your transmission and suspension,' said Dillian. It's not cheap to take care of a Porsche and the brand doesn't hide it. According to Porsche West Palm Beach, it's here's what owners could look at cost-wise: Routine service: $300 to $800 Major service needs to be done every 40,000 to 60,000 miles: $1,200 to $2,500 New brakes: $1,500 to $3,000 Transmission service: $800 to $1,500 Before purchasing a luxury car, or any car, research what the associated costs are like insurance, gas, repairs and maintenance to ensure you won't blow your budget and can still live prosper in retirement. Editor's note: Photos are for representational purposes only. More From GOBankingRates 25 Places To Buy a Home If You Want It To Gain Value This article originally appeared on 6 Used Luxury Cars Retirees Should Avoid
