Cost of Automobile Ownership

Brought to you by the good folks at: www.newcarselloff.com Cost of AUTOMOBILE Ownership According to AAA, the average cost to operate and own your vehicle is 70.7 cents a mile which totals a whopping $5,925 annual average (if the car is driven 10,000 miles annually). The main components that contribute to the real costs of owning your car are: (The following number are all averages.) Average cost of owning a car (Including decreased depreciation) $5,925 $567 = 9.17% License, Registration and Taxes -$257 Decreased depreciation This number differ from "value $567 Annual average depreciation." It is based on the annual wear and tear of your vehicle determined by miles driven. $1,009 = 16.33% %3D Fuel costs $456 = 7.38% Maintenance and repair %3D (Based on average gas cost of $2.30 per gallon) Fuel expenses total nearly one quarter of the total costs of car ownership. Regardless of the initial sticker price, overtime, a gas consuming SUV will cost significantly more to own and operate thena gas "sipper." Making sure your vehicle is maintained per the instructions of the owner's manual is not only imperative for the life span of your car, but the safety and wellbeing of passengers. $77 = 1.25% $2,3 18 = 37.49% Value depreciation Tires Even the most careful driver Although the low sticker prices of a kia or a Hyundai may look like a steal, over the long haul those vehicles can accidentally drive over a nail. The average costs of tires is based on replacing the standard ones included on your vehicle. have lower resale values than cars such as Hondas or Toyotas. According to consumer Reports, after five years of car ownership and weighing the depreciation of the vehicles, Hyundais are not proven to be less expensive with comparable Honda's models. $976 = 15.78% %3D Auto insurance Insurance rates vary according to your vehicle, car owner's age, driving history and locations of registration and will fluctuate accordingly. $779 = 12.60% Financing charges Ultimately what interest rate you are charged for financing your vehicle purchase works in direct correlation to your personal credit history %24