Guest Posts

The Real Cost of Owning a Car

Infographic by Navy Federal

Owning a car is not cheap, and unfortunately, car expenses may cost more in one state than in another. For instance, did you Iowa has the cheapest car insurance rates in the nation?

Gasoline, bi-monthly maintenance checks, oil changes—all these factors add to the overall cost of your vehicle. Luckily, your car’s expenses will shift over time, and while some expenses, like maintenance and repair, may go up, some are likely to go down.

Here are the six key factors that go into the total cost of owning a car:

Depreciation:             48%
Interest:                      11%
Taxes:                        4%
Insurance:                  10%
Maintenance/Repair: 4%
Fuel:                            24%

 

Don’t think fuel efficiency matters? Think again. The difference between a car that gets 20 MPG and a car that gets 30 MPG can be nearly $1,000 a year!

Take a look at this infographic for more information on the different costs of car ownership.

auto-buying-infographic-2014

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