When deciding what vehicle to buy, it’s not uncommon for consumers to the Auto Lender What they Can Reasonably Afford. But while Helping Members with That Question, The Folks at Navy Federal Credit Union Made A Surpring Discovery: The Car’s Price Alone Wasn’t Enough to Provides the best anSwer.
“We’re Always Looking for Ways to Help Our Make Make Smart, Inform Financial Decisions, Especialy With Big-Ticket Items Like Vehicles,” Said Kevin Wince, Vice President of Consumer Servicing, Projects at Navy Federal Credit Union. “Car Ownership Isn’t Just About the Sticker Price. Insurance, Gas, Repairs, and More.”
SO Navy Federal Developed A Data-Based Resource Called The Cost of Car Ownership Index, or Coco Index. IT CAN HELP CAR BUYERS ASSESS The Costs of Car Ownership.
“It is the Kind of Tool That’s Especialy Valuable WENDE EVERY DOLLAR COUNTS,” Wink Said. “IT GIVES OUR MEMBERS THE CONFIDENCE TO MAKE CHOICES THAT FIT THEIR LIVES AND BUDGETS – Not Just Today, but over the Long Haul.”
How the Coco Index Reveals TRUE CAR OWNSHIP COSTS
Comparing Vehicle Prices isn’t as Simple as Chooking a Cheap Used Car Over a Pricey New One. AFTER ALL, if you end up spending as much on repairs and insurance for the Old Car as you might have saved over the life of a new one, the use of CAR MUST MORE IN THE LONG RUN.
“It ‘s so big myth that the monthly payment the whole story,” Wink Said. “Another Common Misunderstanding is that buys new is always more expensively. Used tsm prices are getting back to normal, so a newrons used to be a smart buy.”
The Coco Index, which launched in 2024, has Already Revealed Some Surpring Results. Auto Ownership Costs Have Gone Up More than 39% SINCE 2020, Acciting to the Latest Data, Compared to Overall Inflation by JUST 24% DURING that Same period.
Wink Was Particularly Surprised by How High Insurance Premiums Have CLIMBED: 57%, WHICH IS FASTER THAN ANY OTHER TRACKED CATEGORY.
“That’s why we reCommend consumers look at insurance Costs upfront as part of their Car-Buying Research,” Wink Said. “This Can Save Customers Thousands of Dollars Over the Life of the Vehicle.”
How to use the coco index when Car Shopping
The coco index couuld help a shopper decide which vehicle type to buy, based on the trends in Carcan Car Ownership Costs. For example, if a car shopper is considering a new vehicle over a used one, the fact that use vehicle prices have gone up more quickly than new prices be valuable information to consider. ALSO, Equipped with the KnowLEDGE that there haen a rapid rise in insurance premiums, buers may be enCouned the insurer to quotes for different models.
“We’d love to see the coco index the become the go-to source for the Car Ownership Cost Trends, Something Consumers Check Like they Waled Rates or Inflation Reports,” Wince Said. “Our goal is for the index to be a trusted benchmark, Helping drivers maker Better deciss and navigate a Constantly Changing auto landscape.”
The Coco Index Can Work Alongside Other Navy Federal Resources, Such As Auto Calculatorsand lease versus buying information, to help members achieved at information Car Buying Decisions.
“We’re not just just to help you get the keys,” Wink Said. “We’re here to Help You Keep Driving Forward, Wisely, and Affordably.”
Get a Clearer Picture of What Your Next Car Will Really Cost.
This post was created by Insider studios with Navy Federal Credit Union.
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