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Car insurance is one of the biggest expenses associated with vehicle ownership. Car insurance premiums are personalized to each individual, based on factors like:
In 2022, the latest year for which statistics are available, AAA estimated that the annual cost of car ownership was $10,728, up from an average of $9,666 the previous year.
Here are the three biggest costs of car ownership, according to Bureau of Labor Statistics data: Vehicle purchases (net outlay): $5,539 (46% of overall cost) Gas, other fuels, and motor oil ...
Age and Mileage. Mileage has a greater effect on depreciation than age does. Cars are usually driven anywhere between 10,000 and 15,000 miles a year on average.
The yearly depreciation of a car is the amount its value decreases every year. Normally a car's value is correlated with the price it has on the market, but on average a car has a depreciation around 15–20% per year. [12] [13] Depending on market conditions, cars may depreciate 10–30% the first year. [14]
Among the most essential expenses for Americans is that of their car. Without it, they can't get to and from the jobs they need to, well, pay for their car. And even if you're so lucky to live near...
When you set out to buy a car, you often only think of initial costs, like down payment, your next month's car payment and interest the loan might accrue. But you might be surprised to know how ...
AAA's new Your Driving Cost study shows the average annual cost of new vehicle ownership is nearly $10,000, including depreciation and maintenance. Owning a new vehicle costs nearly $10,000 a year ...
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