How Much Does That Car REALLY Cost?

July 15, 2008 by Miranda Marquit
Filed under Family finances, Insurance, Personal Finance, Saving Money, Trends

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