How Much Does That Car REALLY Cost?
A few days ago, I wrote about 5 things you should avoid telling the car salesman. The prompted me to start thinking about my car, and considering how much its costs. Sure, it’s paid off right now, but we had to buy the thing AND pay finance charges. Besides, here are some of the ways our car is still costing us money.
- Gas.
- Maintenance.
- Insurance.
- Depreciation.
- License.
- Registration.
- Property taxes (this depends on state).
- Safety and/or emissions checks (also depends on state).
- Parking.
Indeed, before you commit to buying a car, consider the true cost. Here is some information from the American Automobile Association regarding the cost per mile, per year, of owning a car:
| 2007 Model | 10,000 Miles per Year | 15,000 Miles per Year | 20,000 Miles per Year |
| Small Sedan | 50.5 cents | 41.4 cents | 37.4 cents |
| Medium Sedan | 61.8 cents | 52.5 cents | 48.2 cents |
| Large Sedan | 74.2 cents | 62.5 cents | 56.8 cents |
| 4WD SUV | 81.5 cents | 66.6 cents | 59.6 cents |
| Minivan | 69.2 cents | 57.6 cents | 52.2 cents |
image source: American Automobile Association
Tags: car cost, costs owning a car, finance charges, gas, maintenance, personal finance blog, Saving Money, yielding wealthRelated Stories
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