Sometimes, no matter how much we pay for an item up front, the true cost begins after you bring it home. The expense of maintenance can be substantial. Repairs, insurance, fuel, storage, and routine maintenance can all quickly surpass the original purchase price. In some cases, owning the item for just a few years can cost several times its original price. These extra expenses should all be factored into the real cost of ownership. Here are 8 items that cost way more than you think.
1. Used Luxury Cars
An older luxury car may sell for the price of a basic new car. But it still comes with luxury-level repair bills. Replacement parts are hard to find and expensive, and many require specialized mechanics, which increases the price far more than work on an average vehicle. Other areas of added expense can come from advanced suspension systems, electronics, and high-performance engines. The 1970s Porsche you found at a bargain price can quickly become a financial burden.
2. Swimming Pools
A backyard pool can add fun and excitement to a home, especially through scorching summers. They can also look beautiful and add a tropical aesthetic. But alongside these benefits is one big downside: maintenance costs. This is an ongoing expense, whether you use the pool frequently or not, no matter the season. Paying for chemicals, cleaning equipment, electricity, water, and professional service are all hard on the pocketbook. Even if you do most of the maintenance yourself, it can be costly. Things like pumps, filters, and liners eventually need repairs or replacement. Over multiple years, the total upkeep can easily exceed the cost of installation.
3. Boats
Used boats are sometimes surprisingly affordable. Picturing yourself out on the lake with your friends, it’s easy to feel like you’ve scored quite a deal, paying just a few thousand for lots of summertime fun on the water. But real costs come from fuel, insurance, storage, docking fees, registration, winterization, and engine maintenance. If your boat is in brackish or saltwater, corroded equipment and frequent repair needs become major factors. The saying that a boat is “a hole in the water you pour money into” exists for a reason.
4. Recreational Vehicles
An older RV can seem like an inexpensive way to travel, but ownership involves multiple ongoing expenses. RVs use a lot of fuel and typically require mechanical and plumbing repairs that are specialized. Owners may become overwhelmed by the growing cost of campground fees, storage, insurance, and tires. Water damage alone can result in repairs that total more than the RV is worth.
5. Hot Tubs
Used hot tubs are sold cheaply or even given away. But there is a reason for the extreme upfront affordability. Moving and installing one can be expensive, especially if electrical work or a concrete base is needed. Heating the water raises utility bills. Additionally, pumps, covers, filters, and seals wear out over time. A “free” hot tub can end up costing thousands of dollars before anyone even gets a chance to enjoy it.
6. Horses
The purchase price of an average horse can be modest compared with the ongoing cost of caring for the animal. Horses have a wide range of needs and owners must budget for feed, boarding, vet care, hoof trimming, equipment, and transportation. Emergency medical treatment can be very pricey, to the tune of thousands of dollars with little warning. Over the horse’s lifetime, properly taking care of the large animal can be truly expensive.
7. Large Aquariums
A secondhand aquarium can easily seem like an inexpensive addition to your home. But many people fail to realize that creating a healthy aquatic environment takes plenty of effort and also plenty of money. Beyond simply finding a place for the tank, owners need filters, heaters, pumps, lighting, water treatments, food, and other equipment. Saltwater aquariums cost even more because the water conditions must be exact and special supplies are needed. Maintaining a stable aquatic environment is challenging; exotic fish and coral can die suddenly if just one piece of equipment fails.
8. Fixer-Upper Homes
A low-priced house in a decent area can feel like a steal. But remodeling and major repairs can erase the savings almost immediately. There are several areas of home maintenance that are notoriously expensive, like problems involving the roof, foundation, plumbing, electrical system, or heating and cooling equipment. Renovation projects can reveal damage you didn’t know existed, once walls or floors are opened up. In certain cases, buyers can spend more fixing up the house than they would have spent buying one in great condition.
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