The True Cost of Car Ownership: Beyond the Payment (Maintenance, Insurance, etc.)
Many people make the mistake of only considering the monthly car payment when budgeting for a new vehicle. However, the true cost of car ownership extends far beyond that single number.
Overview
This guide provides a comprehensive breakdown of all the expenses associated with owning a car, empowering you to make a realistic budget and avoid financial surprises.
Related Resources
FAQ
A good rule of thumb is to budget around 10% of the car's value per year for maintenance and repairs, but this can vary depending on the car's age and condition.
Yes, car insurance typically costs more for new cars because they are more expensive to repair or replace.
Depreciation is a significant cost of car ownership, especially in the first few years. It reduces the car's value and can impact your ability to trade it in or sell it for a good price.
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