Owning a BMW: the real costs of maintenance, insurance, and daily driving

These are the real costs of owning a BMW, including maintenance, insurance, and daily driving.

BMW has an impressive lineup of cars, having made saloons for the better part of a century before branching out to SUVs and supercars.

Nowadays, the German manufacturer finds huge success in the sporty 3 Series, its magnificent i8, and the best-selling all-electric i4 M50.

But with such a range of cars that mark a step up in class from your usual car manufacturer, how much does it really cost to own and run a BMW?

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How much it costs to buy a BMW

BMW cars vary in cost with a wide variety of models to choose from.

However, the most expensive first-hand and brand-new models usually cost south of $100,000 and even the top-spec cars rarely break the $200,000 barrier.

Currently, the most expensive car in the BMW range is the luxurious i7 M70 xDrive, priced at $213,000 while the cheapest is the 1 Series at $40,000.

Of course, these are brand-new prices, and many BMWs have withstood the test of time and can be bought for much, much cheaper in varying used conditions.

Insurance

Given the sporty nature of BMW cars, insuring them can be pricey, especially if you’re a young driver.

If you have experience on the road, and a good driving record, the cost will be reduced.

Insurance price comparison site Money Supermarket claims that the usual prices for BMW insurance are between $1,000 and $3,000 a year, depending on your model and individual qualifications.

BMW Maintenance costs

Despite being a German brand, the cost of maintenance for BMW isn’t as high as some other brands born across the pond.

With a manufacturing facility in Spartanburg County, South Carolina, open since 1994, the production of parts on US soil means that you don’t have to pay a premium to have pieces shipped from the other side of the world.

BMW also has factories in Mexico, Brazil, the UK, India, and more, making parts easily accessible.

However, that doesn’t mean that BMW maintenance is cheap.

The Bachrodt dealership claims that all models should be serviced every 7,000-10,000 miles, which should eliminate any issues before they ‘balloon.’

The average annual maintenance cost for BMW models is around $968.

Daily driving and fuel

While gas prices are still at an all-time high, daily driving and fuel costs for BMW specifically are pretty standard.

The manufacturer also has a huge fleet of electric cars with the ‘i’ range, which boasts long ranges.

For example, the BMW iX has a range of 426 miles on a full charge.

Given that most gas BMWs run V8 and V12 engines in modern cars, and previously operated with 330d and 540d diesel engines, most of the models do drink a lot of fuel.

The most popular BMW in Europe is the 3 Series, which typically reaches between 30 and 45 miles per gallon.

Overall, BMW costs aren’t huge, but if this is your step into a faster and more luxurious car model from the standard Fords and Toyotas on the market, you should expect some higher costs.

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