If enacted, SB1164 would amend existing regulatory frameworks under Chapter 481I and Chapter 481J of the Hawaii Revised Statutes. By requiring dealers to disclose these operating costs, the bill aims to reduce buyer's remorse and improve satisfaction among consumers. This initiative could lessen misunderstandings between dealers and consumers regarding the financial burdens associated with vehicle ownership, potentially leading to more sustainable vehicle choices among buyers.
Summary
Senate Bill 1164 aims to enhance consumer transparency in the purchase of motor vehicles by mandating that dealers disclose the projected lifetime operating costs of both new and used vehicles. Specifically, this disclosure must include the estimated fuel costs for a ten-year period and the expected maintenance and repair expenses. The bill requires that this information be presented prominently next to the listed purchase price, ensuring that prospective buyers can make more informed decisions based on the total cost of vehicle ownership, not just the sticker price.
Contention
There are potential points of contention surrounding SB1164, particularly regarding the feasibility of calculating and displaying lifetime operating costs accurately. Critics may argue that such projections can be subjective and vary significantly based on driving habits, geographic location, and changes in fuel prices. Opponents may also express concerns about the administrative burden it places on vehicle dealers, especially smaller operations. However, proponents believe that the benefits of increased transparency heavily outweigh these concerns, as it empowers consumers with essential information.