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For most Americans, owning a car is an important part of modern life. Increasingly, however, it’s becoming a financial burden for many, as the average cost of a car purchased new has risen to ...
New and used car prices have increased due to the COVID-19 pandemic, gas prices have been fluctuating year over year, and many people want big cars that are much more expensive to own than small cars.
Car finance comprises the different financial products which allows someone to acquire a car with any arrangement other than a single lump payment. When used, and for the purpose of assessing the private financial costs, one must consider only the interests paid by the car owner, as some part of the amount the owner pays each month for the finance is already embedded in the depreciations costs.
Car ownership costs -- including auto insurance -- have increased dramatically in recent years. According to Motley Fool Money research, the average cost of car ownership was $12,078 in 2023.
A study attempted to quantify the costs of cars (i.e. of car-use and related decisions and activity such as production and transport/infrastructure policy) in conventional currency, finding that the total lifetime cost of cars in Germany is between 0.6 and 1.0 million euros with the share of this cost born by society being between 41% (€4674 ...
Alabama. Total costs for one year of ownership: $24,190. Annual gas: $1,983. Average insurance: $1,860. Despite costs being lower in Alabama than other states, the average cost of car repairs here ...
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