The Little Things Add Up: The True Cost of Owning a Car

Brought to you by the good folks at: GoBanking Rates $567 = 9.17% $1,009 = 16.33% $2,318 = 37.49% Cost of Automobile Ownership LICENSE, REGISTRATION AND TAXES FUEL COSTS VALUE DEPRECIATION $567 annual average (based on average gas Although the low sticker prices of a Kia or a Hyundai may look like a steal, over the long haul those vehicles have lower According to AAA, the average cost to operate and own cost of $2.30 per gallon) your vehicle is 70.7 cents a mile which totals a whopping $5,925 Fuel expenses total nearly one quarter of the total costs of car annual average (if the car is driven 10,000 miles annually). ownership. Regardless of the initial sticker 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. The main components that contribute to the real costs of owning price, over time, a gas consuming SUV will cost significantly more to own and operate then a gas "sipper." your car are: (The following numbers are all annual averages) Average Cost of Owning a Car (including decreased depreciation) $5,925 -$257 $456 = 7.38% $77 = 1.25% $976 = 15.78% $779 = 12.60% %3D %3D DECREASED DEPRECIATION MAINTENANCE AND REPAIR TIRES AUTO INSURANCE FINANCING CHARGES This number differs from "value Making sure your vehicle is maintained Even the most careful driver can Insurance rates vary according to your vehicle, car owner's age, driving history and location of Ultimately what interest rate you are charged for financing your vehicle purchase works in direct per the instructions of the owner's manual is accidentally drive depreciation." It is based on the annual wear and tear of your vehicle determined over a nail. The not only imperative for the life span of your car, but for the safety and well average costs of tires is based on replacing the standard ones included on your registration and will correlation to your by miles driven. fluctuate accordingly. personal credit history. being of passengers. vehicle.

The Little Things Add Up: The True Cost of Owning a Car

shared by maggie on May 13
Cars are important parts of many people's lives. They get us to and from work and school and some people spend more time in their vehicles than their own homes. Buying a car is a big deal but some peo...


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