Day 21: Saving thousands on a brand new car

By Zaneta Lowe  - bio | e-mail

COLUMBUS, GA (WTVM) -- While a fuel efficient car may save you money at the pump, it may siphon your cash elsewhere. That's why sites like Kelley Blue Book and rate vehicles based on their cost of ownership.

This is often measured over the first five years, and it takes into account things like depreciation, cost of insurance, financing, and maintenance and repairs.

We compared a 2008 Toyota Camry with a 2008 Chevy Malibu, similar cars with similar fuel economy. The Malibu's sticker price is about a $1,000 less than the Camry, but the five-year cost of owning the Camry is $5,000 less.

That's a $1,000 savings per year - well worth the time you spent online.