Even though a low sticker price and great car loan rate may look enticing, your new vehicle may end up costing you thousands more than you originally bargained for. That is why knowing how much your potential vehicle will truly cost you, is an important part of the car buying decision process.
The true cost of car ownership varies greatly based on a myriad of factors including the size of your vehicle, condition purchased (new vs. used), mileage accrued, brand and state of purchases.
According to AAA, the average cost to operate and own your vehicle is 70.7 cents a mile which totals a whopping $5,925 annual average (if the car is driven 10,000 miles annually).
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The best time to weigh the costs of car ownership is before purchasing a vehicle and you should always make sure you have a pre-approved car loan.
Car shoppers need to clean up their credit history (if financing), compare the advantages of buying a new versus a used vehicle, research the estimated insurance charges and fuel usage before hand. Just because your new car seems inexpensive, another choice may make better economic sense in the long run.
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