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How To Calculate the Cost of Owning a Car. An easy way to figure out how much owning a car costs is to use a car cost calculator. All you need to do is add up your regular car expenses, like gas ...
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.
Car ownership is full of hidden costs that can be surprisingly expensive and include a whole host of things, from insurance to maintenance costs. "Knowing the true cost of ownership for your...
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 ...
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]
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.
Take a closer look at the cost of car ownership. According to Kelly Blue Book (KBB), the average new car price in 2023 was over $48,000 in July. While the company acknowledges that automotive ...
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...