Your Car Costs
Your Car Costs
Owning and using a car or truck is a big expense-and most people have no idea how big. People tend to underestimate the total money spent to buy and use a private vehicle, including gas, insurance, car care and repairs, value lost over time (depreciation), car accessories, parking, tickets and tolls.
Knowledge is Power
Though your car's true price tag may surprise you, getting the facts can help you take charge. Knowing how much you spend can help you compare costs and weigh options like ridesharing, carsharing or vanpooling; walking, bicycling or taking the bus; or even moving closer to work or letting go of a car altogether.
Below 1) find an average cost for your vehicle, or 2) estimate your actual costs. These estimates do not include carbon costs of building or using cars, road construction and repair, etc.
1. Use an average
From AAA, the figures below are based on an average fuel cost of about $2.30/gallon, routine maintenance, tires, insurance, license and registration, loan finance charges, and depreciation costs. Visit AAA's website for more information on these figures or to use AAA's car cost worksheet (pdf).
|
|
15,000 miles/yr |
|
Small sedan |
$6,312 a year |
|
Medium sedan |
$8,104 a year |
|
Large sedan |
$9,870 a year |
|
4WD SUV |
$5,503/year |
|
Minivan |
$5,503/year |
SMALL sedan: Ford Focus, Honda Civic, Nissan Sentra, Toyota Corolla
MEDIUM sedan: Chevrolet Impala, Honda Accord, Nissan Altima, Toyota Camry
LARGE sedan: Buick Lucerne, Chrysler 300, Ford Five Hundred, Toyota Avalon
4WD SUV: Chevrolet Trailblazer, Jeep Grand Cherokee, Nissan Pathfinder
Minivan: Chevrolet Uplander, Kia Sedona, Honda Odyssey and Toyota Sienna
YOUR CAR: Find average costs for your make and model (for cars made in 2005 to now) online from the Edmunds.com True Cost to Own reporter.
2. Calculate your actual car costs
Fill out what you know or can find, and estimate the rest. You can also print a Total Cost of Car worksheet.
To calculate gas cost, add what you spend in a typical week and multiply that by 52, or add up what you spend in a typical month and multiply by 12. Don't forget to include vacations or other road trips.
For repairs, maintenance or other costs you only spend every other years, divide by two; every three years divide by three, and so on.
| Type of Car Cost | $$ Amount |
| Total purchase price (incl. add-ons, sales tax, loan interest)divided by years you expect to own the vehicle, minus estimated value at time of expected trade-in or resale. OR | |
| Total lease price per year, (incl. any fees, etc.) | |
| NYS registration ÷ 2 |
|
|
NYS inspection |
|
| Total insurance cost per year | |
| Gasoline cost per week x 52 or per month x 12 |
|
| Oil change for every 3,000 miles driven | |
| Flush/replace fluids, coolants | |
| Tune-up | |
| Cost of new tires, snow tires, rotating, filling, etc. | |
| Battery | |
| Brakes and alignment | |
| Muffler | |
| Transmission, other repairs | |
| Parking and toll costs per year | |
| Average cost of tickets in a year | |
| Cost of car washes | |
|
AAA or other car club/roadside assistance |
|
| Car accessories such as GPS, car seats, etc. | |
| Add all the above for Total Cost per Year | |
| Divide cost per year by 12 for Cost per Month |
|
|
Divide cost per year by 365 for Cost per Day |
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