It might not sound right, but owning any type of car, no matter if it is old or new, is really expensive. There are many things you need to take care of during the period of just 12 months and you can now calculate the total cost on your own. We guarantee you are going to be shocked once you take a look at the final sum. Just as a reference, the average cost of a car driven 15,000 miles in a year is around $8,500, as of 2017. Even though the monthly payment of just $500 for a brand new car might not seem so bad, this is not the real scenario. There are other expenses that you need to take care of too and once everything adds up, the situation is a lot different. For example, the monthly insurance for your car is just less than $100.
Also, you are going to spend around $130 a month for gas. Even though it is a brand new car, you are still obliged to maintain it and repair it. On monthly basis, this is going to cost you $100. The registration, fees, taxes and miscellaneous all add up to $145 per year. Now we are talking! Even though $500 per month did not seem like much, what about these? Add everything together and you will get a total cost of more than $900. Not so funny now, isn’t it? People are often overlooking the actual scenario when owning a car, especially a brand new one. Keep in mind that we are talking only about average 15,000 miles per year, but what if you drive it more? The expenses will just get bigger and bigger, without you noticing where you salary is going each month!
Before you leave make sure to take a look at the cheapest new cars currently on the market!