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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ I tracked every car-related cost for 6 years. That's what I learned. – A tiny fool

I tracked every car-related cost for 6 years. That's what I learned. – A tiny fool



Once at home and college, a vehicle is one of the most expensive purchases that most people will make. You'll probably buy a couple of your entire life and, unlike a house, the sale of a used car does not return much of your original principle. In other words, this is an important personal financial decision. But do you know how much the car ownership costs?

There are a number of factors that need to be considered, ranging from the purchase price of the car to how many miles you drive each year. And do not forget about fuel, insurance, taxi, maintenance and the like. The calculation seems frustrating, I just think about it. Fortunately for you, I started to try out every single car cost when I bought my car six years ago. Here's what I learned about the real cost of ownership of the car:

  A seller who handles new car keys to a customer.

Image Source: Getty Images.

What is the real price of a new car? The new table shows the cost of ownership of the vehicle at three separate checkpoints along the way, with some (1965006) (19659006) ] 19659013]

19659013] 19659013] Year of Production

Year 19656

Year 19656 [Year of Production]

26.7 mpg

26.5 mpg

26.5 mpg

CO2 emissions

17.9 metric tons

9.0 metric tons

Fuel cost

$ 6,156

$ 4,533

$ 2,696

$ 2,696

Maintenance Fees

$ 4,611

$ 2,421

$ 918

] $ 31,434

Mileage

$ 0.74

$ 0.85

$ 1.44

Source of Data: Author. According to the US Department of Energy, my car is expected to reach an average of about 27 miles per mile, based on 55% urban driving and 45% driving on the highway. Few over 40% of all my mileage has come from long journeys, while shorter trips on highways around the city are likely to push so close to the expected divide. The rest comes from driving in the hilly city of Pittsburgh. Even so, the nominal fuel economy is surprisingly accurate compared to my real results.

Carbon footprint: I emitted the equivalent of pollution of four African elephants into the atmosphere for only six years driving. It's a fairly open eye, not something that pops up when buying a car, probably because the emissions figures are given in a very unbelievable metric "grams per mile". Will more drivers take this indicator into account if emission data are described in more comprehensible terms? Preparing: Maintenance is a necessity, but according to a AAA study, one third of the drivers could not. allow unexpected repairs. I spent about $ 800 a year on maintenance costs, and I regularly spend about $ 100 a month so the next mechanical trip is already paid. Fuel saving programs: I saved $ 407 through fuel economy programs throughout my life. This is equivalent to the 6.2% savings rate, which is better than the level of redemption of even the best credit cards. Insurance options: Traditional car insurance is not optimal for me because I work from home and expect to drive only about 8,000 miles a year. Fortunately, there are now car insurance companies like Metromile that take this lifestyle into account – and savings can really increase.

Comparison Sharing: I spent $ 0.74 a mile after six years ownership of the car. Would I be better off throwing my car out of riding applications? It's not even close. According to data from Ridder and others, the average cost per mile of Uber (NYSE: UBER) or Lyft (NASDAQ: LYFT) $ 2 per mile. Moreover, my mileage will probably fall significantly over the next few years.

  Four dogs in the back of an old truck.

Image Source: Getty Images.

The best way to reduce the cost of car ownership

If you want to reduce the cost of ownership of cars, then you really try to get the lowest price per mile. From this point of view, it is useful to know that the purchase price of the new vehicle (or the depreciation cost) is the biggest cost of ownership of the car for many years.

Think my car costs a relatively affordable price of $ 25,300 but I will have to drive approximately 75,000 miles for the purchase price to fall below 50% of the total cost of living, including fuel, car insurance, parking, maintenance, registration, tolls and the like. Of course, more expensive vehicles would take even more time to reach that level. Similarly, buying a used car may be cheaper, but it may not last as long as it can be accompanied by higher maintenance costs. financial point of view. Caring for the car and keeping it as long as possible is the best way to reduce the cost of ownership of the car. Think about how my vehicle costs over my lifetime can be matched by the actual data. I guess I will drive 8,000 miles a year, and the maintenance and insurance costs of the car are increasing over time:

Metric, cumulative

Year 20

Year 15

Year 10

$ 25,300

$ 25,300

$ 25,300

$ 25,300

Purchase Purchase

$ 25,300 [19659013] $ 196,200

$ 196,200

$ 196,000

$ 196,000

$ 196,000

$ 196,000

] 196,590

$ 0.55

$ 0.58

$ 0.64

$ 196

$ 196

0.74

Price per year

$ 4,725

$ 5,060

$ 7,440

Data source: author.

Whether the assessments are accurate – or my car actually survives at 170,000 miles, and by 2033 – to be discussed. While reducing the return on an aging vehicle on the road, the figures show that I can extract much more from my vehicle.

Probably you can. According to the US Department of Energy, the average passenger car and light truck on the road was 11.6 years in 2016. This high time is a sign of improving the quality of production and perhaps a bit of a hangover from the Great. The recession. Nevertheless, it shows that you can probably keep the car away from the last payment, which is great news, considering that keeping your car on the road for as long as possible is the best way to reduce costs ownership of cars.


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