The real cost of owning a vehicle

Owning a vehicle is something that most people will do at some point in their lifetime. However, owning a vehicle can be quite a financial endeavor for most people. This is because there are more costs with owning a vehicle than the cost of the vehicle itself. Here are some things to consider when adding up the total cost of ownership.

1. Gasoline - This is quite possibly the largest cost outside of a monthly car payment. Unless you have a completely electric vehicle, you will need gas. With gas prices the way they are today, this can become quite expensive, depending on how much you drive.

2. Car insurance - This is a necessity for all vehicle owners. You cannot operate a vehicle, legally, unless you carry car insurance. And for most young drivers, insurance can be expensive. Fortunately the older you get, and provided you drive safely with no accidents, the cheaper the cost of insurance becomes.
Categories: Finance


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