The Estimated Total Cost to Own an Audi Q5
Owning a luxury vehicle like the Audi Q5 comes with a host of benefits, from advanced technology, improved safety and a superior driving experience. However, the total cost of ownership (TCO) goes beyond just the sticker price.
Purchase Price
The starting MSRP for a new Audi Q5 is around $47,000, but this can vary based on trim levels and optional features. Higher trims and packages can push the price closer to $57,000 or more.
Insurance
Insurance costs for luxury vehicles like the Audi Q5 tend to be higher than for more standard models. Several factors influence the insurance premium, including the driver’s age, location, driving history and the specific model and trim of the vehicle. If you’re committed to buying a new Audi Q5, you will likely need to pay between $1,500 – $2,000 a year for insurance.
Over a five-year period, insurance costs can total between $7,500 and $10,000. It’s best to shop around for insurance quotes and consider factors like coverage limits and deductibles to find the best policy for your needs. The cost of replacement can be high, which is why paying a little extra for comprehensive coverage and collision coverage may be a good idea.
Fuel Costs
The Audi Q5, equipped with a turbocharged four-cylinder engine, offers decent fuel efficiency for an SUV. According to the EPA, the 2023 Audi Q5 has an estimated fuel economy of 23 MPG in the city and 28 MPG on the highway. If your driving habits are typical, you may be driving about 12,000 miles per year. At an average fuel price of roughly $3.50 a gallon, you may end up spending about $1,680 a year on fuel and $8,400 over the course of five years.
Maintenance and Repairs
Luxury vehicles often come with higher maintenance and repair costs due to their advanced technology and premium parts. This is doubly true with a foreign vehicle like an Audi, which may require imported parts and special tools for repairs or maintenance. Audi provides a four-year/50,000-mile warranty, which covers many repairs, but owners should be prepared for costs once the warranty expires. Annual maintenance and repair costs can often average out to around $1,000 a year, although one-off periodic maintenance or repair jobs like brake replacement can be much more expensive than a non-luxury domestic vehicle.
Depreciation
Depreciation is the loss of a vehicle’s value over time and is typically the largest cost of ownership. Luxury vehicles tend to depreciate faster than more economical cars. An Audi Q5 can lose up to 20 percent of its value in the first year of ownership and between 40 and 50 percent after year five of ownership.
This rapid rate of depreciation is why many savvy car shoppers choose to buy a pre-owned Audi Q5. It’s smart to let someone else bear the cost of depreciation so you get all the benefits of a relatively new Audi without throwing away a lot of money.
How These Costs Affect the Cost of Buying a New Audi Q5
The total cost of owning a new Audi Q5 exceeds the initial purchase price of the vehicle. Prospective owners should be aware that:
- Insurance Costs: Higher premiums for new luxury vehicles can add up quickly, contributing a substantial portion to the overall TCO.
- Fuel Costs: While not the largest expense, fuel costs can become high if you drive a lot and gasoline prices rise, adding to the annual cost of ownership.
- Maintenance and Repairs: Regular maintenance is crucial for luxury vehicles, and repair costs for imported luxury vehicles can become extraordinarily expensive if something breaks and the warranty has expired.
Find Your Dream Audi Q5 at Easterns Automotive Today
If you’re considering an Audi Q5 or any other luxury vehicle, it’s essential to find the best deal and financing options. You should strongly consider buying pre-owned, especially one that’s only a few model years old. Drivers can enjoy all the great features of the modern Audi Q5 at a discounted price.
At Easterns Automotive in Maryland, Virginia and Washington D.C., we offer a wide selection of high-quality pre-owned vehicles, including luxury models like the Audi Q5. Our team is dedicated to helping you find the perfect car at a price that fits your budget.
Explore our online inventory today or give us a call at 877-867-0641 and take the first step toward owning your dream car.
