Cost-conscious motorists are set to benefit from a new online tool that reveals the total cost of ownership (TCO) of cars.
TCO Check created by automotive data and valuations expert HPI is a new online calculator which allows drivers to take costs into account and tells them how much they can expect to spend over the next three years of ownership.
The tool also breaks down what the costs are for and when they are due.
The free tool was created by HPI’s data science team and uses real-time data to generate live vehicle running and maintenance costs. It is the most advanced TCO tool available to motorists with a great deal of detail of costs available on each vehicle.
TCO Check allows users who might be on a tight budget to select a used car that will fit in with their needs and lifestyle. By simply entering the vehicle registration number motorists can find out the cars that hold their values well, the cheapest models to run, best fuel economy and the makes and models with the lowest maintenance and service costs.
The tool also allows potential buyers to check if the car makes economic sense by calculating factors ranging from depreciation, fuel costs and road tax to tyre and brake pad replacement costs.
Fernando Garcia, consumer director at HPI said: “This is an exciting new consumer tool from HPI and a further demonstration of our ongoing commitment to innovation with our customers firmly in mind.
“There are many costs associated with owning a car, and these are often overlooked, hurting the motorist after they’ve already parted with their cash. This should bring an end to that and provide complete transparency on motoring costs for cars so no nasty surprises six months or three years down the line. It’s important to understand and consider costs, before committing to buying a car. By helping drivers to work out the costs involved in a vehicle they are interested in we can help them to make their minds up about whether the car is right for them and that it is economically viable.”