4 Cars That Could Drain Your Savings Through Constant Repairs Over the Years
Written by
Josephine Nesbit
Edited by
Ashleigh Ray
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
A car is an investment. If you’ve ever strolled the lot, looking for a new set of wheels to take home, odds are you’ve heard this advice. When you take the keys in hand, you’re investing in a vehicle that is likely to become a major part of your life — taking you to run errands and to work, but also to the moments and events that could remain meaningful — for years to come.
You’re also investing in that car’s upkeep. While maintaining a regular maintenance schedule and proactively addressing any issues that come up can help make your investment more solid, sometimes, you’re simply stuck with a car that needs constant repairs and drains your resources. A bad investment, through no fault of your own.
To get a clearer picture of the cars that might prove to be poor investments, GOBankingRates chatted with Blake Shaw, auto expert and author of the All About Wheels blog. Shaw shared her take on the cars that were most likely to bleed your savings through a plethora of repairs.
BMW 7 Series
Despite its allure of luxury, Shaw said that the 7 Series is actually quite infamous for its expensive repairs and regular electrical problems.
“After the warranty ends, owners should brace themselves for hefty costs, especially related to the air suspension system, which is known to malfunction more often than not; this is simply not worth the time and money, but I understand why this model series is attractive. Looks aren’t everything and BMW’s 7 Series (sadly) proves that,” she added.
Jeep Grand Cherokee
Though the Grand Cherokee is popular, especially among people who love to take it off-road, this car often displays transmission and engine problems, as well as electrical system failures, according to Shaw.
“In the long run, owning it will cost a pretty penny because of how fast repairs can pile up and this is why its off-road abilities feel like a double-edged sword,” she said.
Mini Cooper
It’s not hard to imagine why the Mini Cooper is such a popular car — after all, it’s a sleek little number that can be fun to drive. However, Shaw cautioned against letting the entertainment of getting behind the wheel eclipse some of the very real issues with this car, namely, its reputation for regular engine problems and expensive, specialized parts.
“Besides, its typical issues, such as the cooling system and transmission malfunctions, can cause maintenance expenses to rise,” she said. “I know from experience that going to the mechanic for transmission failures costs a lot of money, which I really wouldn’t wish on anyone.”
Chrysler 200
While the Chrysler 200 may seem like a reliable sedan on the surface, Shaw explained that the story is quite different under the hood. This model actually comes with a lot of transmission and electrical issues. The model was discontinued around 2017, but if you think that means you can get a used car for a good bargain, you’d be wise to think again.
“Essentially, the Chrysler 200 requires constant and costly repairs, according to many of its previous and current owners. If people who own the car say it’s a bad investment in the long run, they probably have a great deal of regret purchasing this,” she said.
Laura Bogart contributed to the reporting for this article.
More From GOBankingRates
