Is It More Expensive to Own a Honda or a Toyota for 10 Years? Cost of Owning Honda & Toyota in Nigeria

The two biggest rival automotive companies we see in the Japanese markets are Honda and Toyota. Both vehicle brands are best known and loved by car owners globally for their reliability and high-quality products.

But, when it comes to owning a vehicle from one of the automakers long-term, there is a clear winner between the two. Consumer Reports sent out a survey to vehicle owners to find out how much it costs to own several brands of vehicles for three, five, and ten years. 

Here’s what they learned from Toyota and Honda owners.

Most newly purchased cars come with warranties that will cover a majority of problems during the first three years of ownership. That’s why you don’t see very many repair costs during those years. Some even cover basic maintenance needs like oil changes and tire rotations. While other car brands might charge for those services, you’re not likely to see too many maintenance costs. 

It’s when warranties run out that you start seeing some repair costs with your vehicle. During the third year to the fifth year of ownership, more parts started wearing out or breaking down. Typically, warranties will last three years or a certain number of miles. Sometimes, you might have coverage for longer, but not more than over five years. 

What’s the Cost of Owning a Honda Long-term?

Hondas are known for their reliability. They can last several years, provided you take excellent care of your vehicle and it’s free from any manufacture defects.

According to Consumer Reports, survey results over the first five years of ownership, you can expect a bit less for basic maintenance and some minor repair work. 

However, when you own one for 10 years and beyond, repair costs increase as more of the bigger parts of the vehicle start to break down, like the car’s engine or transmission. You’ll find that fixing these will cost you significantly more than what you paid during the first five years of ownership. 

What’s the Cost of Owning a Toyota Long-term?

From the survey results, you’ll find that Toyota isn’t all that much different from Honda in the first five years of ownership. Since each company offers good warranties on their newer cars, this doesn’t come as much of a surprise.

However, when you look at the 10-year period, there’s a significant difference between the two, as Toyota’s repair over the years is lesser compared to Honda’s.

This makes perfect sense since people have kept their Toyotas for over 15 years. It goes to show just how much drivers can trust a Toyota, especially best-selling cars like the Corolla.

Cars like the Prius, Tundra, and even the Corolla are some of the least expensive vehicles to maintain over time. Honda also has a couple on the same list, the CR-V and the Accord, which fall in the middle of the report.

Conclusion

Hondas may not beat out a Toyota when it comes to the cost of ownership for a 10-year period. It still comes in the top 10 least expensive vehicles to own long-term. Toyota, however, places third on that list with much cheaper repair costs and has an even better reputation for reliability.