If only buying a car was as simple to price out as looking at the price tag. But not unlike purchasing a new home, there are plenty of extra costs associated with buying a vehicle to factor in. Toronto startup Price My Ride, developed by Meru Media, is determined to simplify the process for you.
PMR, launched in December and currently in beta, is a free web-based service that promises to save Canadian consumers time and hassle by doing the math and research of car-buying for them. The startup combines the costs of insurance, maintenance, fuel, and lease or finance payments to determine the real cost of owning four wheels.
From Meru’s website:
When our team invented an algorithm that could calculate the cost to insure any vehicle in seconds, we realised we were on path to creating clarity in the often confusing online automotive space. We took this insurance cost, added lease, fuel, maintenance and even environmental costs to create the ‘all-in cost’ of any vehicle. This powerful number allows consumers to understand, for perhaps the first time, how much a new or used vehicle will actually cost to own and operate.
“We felt that getting the all-in cost of car ownership shouldn’t involve navigating through confusing websites and perplexing broker dialogue,” said Kuhan Puvanesasingham, a co-founder of PriceMyRide.com. “We are the only source that provides the Canadian consumer with a complete all-in cost estimate tailored to your driving lifestyle.”
It’s true; no car maker or dealership is interested in having you find out how expensive cars are to buy before actually buying them. And PMR manages to deliver the same personalization that, in theory, the car dealerships would be able to; it asks about your driving habits, your current insurance, your age, your location, etc., to ensure the accuracy of its results.
“Users might be surprised by their ‘personalized’ results. For example, someone who lives and works in the downtown core and who typically drives only once or twice a week might be shocked to learn that a full-size pick-up can be cheaper to own and operate than an economy car,” continues Kuhan. “With Price My Ride, you can fine tune your options to discover that moving up a model within a particular manufacturer’s range is within your financial reach.”