Vincentric released its first Canadian Diesel Analysis, in which 12 of 34 diesel vehicles measured were identified as having a lower total cost-of-ownership than their closest gasoline powered counterparts.
Of the 12 diesel vehicles with lower ownership costs than their gasoline counterparts, 11 were luxury models, including 4 vehicles each from Audi and Mercedes-Benz and 3 vehicles from BMW. With 13 luxury diesel vehicles included in the study, 85% were cost-effective.
The Chevrolet Cruze Diesel was the only non-luxury vehicle to have lower ownership costs than its gasoline counterpart.
The average price premium for a diesel vehicle was $5,650 with average maintenance costs $476 higher for the diesel models while diesel fuel cost savings averaged $4,005. When the costs to own and operate all 34 vehicles were taken into account, the average cost-of-ownership was $2,030 more for a diesel vehicle compared to its gasoline counterpart.
“Over the past several months we’ve seen the price advantage that gasoline has had over diesel fuel diminish, enhancing the fuel economy advantages of diesel vehicles,” stated Vincentric president David Wurster. “However, fuel economy is only part of the story. With total cost-of-ownership savings from only one third of the diesel models analyzed, consumers need to be informed when shopping for diesels to find the models that offer savings.”
To conduct the Canadian Diesel Analysis, Vincentric measured total cost-of-ownership using eight different cost factors: depreciation, fees & taxes, financing, fuel, insurance, maintenance, opportunity cost, and repairs. The analysis assumed vehicle ownership of five years and 25,000 annual kilometers of driving.