Buying a Ram 1500? Here’s What It Costs to Own Over 5 Years

Purchasing a truck like the 2022 Ram 1500 is an exciting endeavor. It’s not just about the initial purchase but also understanding what it will cost you over time.

For many, this full-size pickup truck is a trusted companion, whether for work, family adventures, or both! This blog will take you through the cost of owning the Ram 1500 over 5 years.

By analyzing different trim levels, cab and bed configurations, and yearly cost breakdowns, we’ll help you see the complete financial picture. So, buckle up, and let’s explore!

Overview of the 2022 Ram 1500

The Ram 1500 is one of the most versatile and admired trucks on the market. It offers a wide range of trims—Big Horn, Laramie, Rebel, Longhorn, Limited, Tradesman, and Lone Star—giving potential owners plenty of options to match their style, needs, and budget. Each trim provides unique features, from the rugged and adventure-ready Rebel to the luxurious and refined Longhorn.

However, choosing your perfect Ram 1500 doesn’t just stop at the trim level. You can further customize your truck with different cab styles (Crew Cab or Quad Cab), bed lengths, drivetrains (4WD or 2WD), and engine options (V6, V8, or even the monstrous supercharged V8 in the TRX). But how much does it cost to own one of these trucks? Let’s break it down!

5-Year Ownership Cost Breakdown

When analyzing the cost of owning a 2022 Ram 1500, we need to look beyond the sticker price. While the initial purchase price is an essential factor, it’s the total cost of ownership over five years that truly matters. These costs include depreciation, taxes & fees, financing, fuel, insurance, repairs, and maintenance. Let’s dive into each category:

1. Depreciation

Depreciation is one of the most significant costs of owning any vehicle, and trucks are no exception. Over five years, the value of your Ram 1500 will naturally decrease, although it tends to hold its value better than many cars.

• Big Horn and Tradesman models generally see slower depreciation, as they are more affordable trims with broad appeal.
• Limited and Longhorn trims, with their higher price tags and more luxury features, may depreciate faster.

The depreciation cost over five years ranges from approximately $18,000 to $22,000, depending on the model and configuration.

2. Taxes & Fees

When purchasing a new Ram 1500, taxes and registration fees must be considered. These vary depending on your location but typically amount to around $3,000 to $4,500 over five years.

3. Financing

For those opting to finance their truck, interest payments over five years can add a considerable chunk to your overall cost. This amount will depend on the loan’s interest rate and the truck’s purchase price.

• Expect financing costs to range from $5,000 to $8,000 for most Ram 1500 models.

4. Fuel Costs

Fuel is one of the more variable costs, depending on the engine, drivetrain, and how much you drive. The V6 engines will naturally be more fuel-efficient than the V8 options, while the TRX model with its supercharged V8 is the least fuel-efficient, averaging around 12 MPG.

• Over five years, fuel costs can range from $10,000 to $15,000 depending on your engine choice and driving habits.

5. Insurance

Insurance costs vary greatly, as we’ll explore later, but the range is typically between $6,000 to $9,000 over five years.

6. Repairs and Maintenance

Regular maintenance is essential for keeping your truck in top shape. Maintenance costs, including oil changes, tire rotations, and brake replacements, average around $4,500 to $6,000 over five years. As for repairs, expect to spend an additional $2,000 to $3,500, especially in the later years of ownership when the warranty might no longer cover some fixes.

Year-by-Year Breakdown

One of the most insightful aspects of owning a Ram 1500 is understanding how your costs will change over the five-year period. Let’s break it down year by year:

Year 1

• Depreciation: The truck’s value drops the most in the first year, typically between $5,000 and $7,000.
• Fuel & Maintenance: These are relatively low, especially since the vehicle is new.
• Insurance: Expect to pay a premium for insuring a brand-new truck, especially higher trims like the Limited or TRX.

Year 2-3

• Depreciation: Slows slightly but still significant, around $3,500 to $5,000 per year.
• Maintenance: You’ll start seeing small maintenance costs like oil changes and tire rotations.
• Fuel: Remains steady, influenced mainly by your driving habits.

Year 4-5

• Depreciation: Stabilizes but continues to decrease in value.
• Repairs & Maintenance: These costs begin to increase as your truck ages, especially in Year 5 when warranties may expire.
• Insurance: May lower slightly as the vehicle’s value decreases.

Purchase Price vs. 5-Year Ownership Costs

When buying a Ram 1500, it’s helpful to compare the cash price or purchase price with the total cost of ownership over five years. For example:

• A Big Horn might have a purchase price of around $42,000, but with total ownership costs, including depreciation, fuel, and repairs, you’re looking at spending close to $70,000 over five years.
• For a TRX, with a purchase price of about $80,000, total ownership costs can soar to $120,000 or more.

Understanding this difference between the purchase price and the total cost of ownership allows you to make a more informed financial decision. It’s not just about what you pay upfront but what you’ll pay over time.

Factors That Influence Insurance Costs

Insurance for the Ram 1500 is influenced by several factors:

1. Trim Level

Luxury models like the Limited and Longhorn come with more features, which increases repair and replacement costs. Therefore, they have higher insurance premiums.

2. Drivetrain

4WD models typically cost more to insure than their 2WD counterparts because repairs are more complex.

3. Engine Choice

The more powerful the engine, the higher the insurance cost. A V6 will have lower premiums than a V8, while the TRX with its supercharged V8 will be the most expensive to insure.

4. Cab/Bed Configuration

Bigger configurations like the Crew Cab and longer bed models tend to be more expensive to insure, especially if they are used by families or for heavy-duty purposes.

5. Location

Your insurance costs will vary greatly depending on where you live. Urban areas with more traffic tend to have higher insurance rates.

Customizing Your Ram 1500 Cost to Own

The beauty of the Ram 1500 lies in its versatility. You can customize the truck to suit your needs and budget. Whether you opt for a Crew Cab with 4WD for family outings or a Quad Cab with 2WD for work, the configuration you choose will significantly impact your ownership costs.

Additional filters such as bed length, drivetrain, and engine options allow you to personalize the analysis even further. This customization is crucial because the more specific your needs, the more accurate your understanding of the costs.

The Financial Journey of Owning a Ram 1500

The 2022 Ram 1500 is not just a truck; it’s an investment. By understanding the 5-year cost of ownership, you can better prepare for the financial commitment and enjoy the ride with confidence.

With various trim levels, cab configurations, and engine options, there’s a Ram 1500 for everyone. Whether you prioritize fuel efficiency, insurance costs, or overall luxury, knowing your truck’s full cost is the key to long-term satisfaction.