Tag Archives: Cost of A Car

How to Determine the Overall Cost of A Car

 

2014 Toyota Camry - cost of owning a car
The cost of owning a family sedan, such as the pictured Toyota Camry, is about $9,000 per year.

When searching for the perfect car, it’s easy to get lost in its fancy interior features, upgraded technology, sleek exterior, engine power, and safety features. What’s often hard to figure out is how much the car will really cost you. Sure, there’s the sticker price, the price you negotiate for, and the payment you make each month, but the overall cost of a car is often more than these simple numbers.

The real cost of having a car is much higher than you would expect. According to a recent AAA report, for the average family with a sedan, such as the Toyota Camry, the cost of owning the car for a year would be around $9,000. This includes the obvious costs of gas and oil changes and other standard maintenance, but it also includes some not-so-obvious costs such as depreciation, insurance, and registration. If you opt for an SUV, these costs often tend to be even higher.

Michael Calkins, the manager of technical services for AAA suggests that to combat these costs, the most sensible thing to do is to buy a used car. Used cars don’t lose as much depreciation during the first few years on the road as new cars do.

Be sure to check out the great used cars we have on hand to get more bang for your buck down the line.