How to Calculate the True Cost of Owning a Car Modest Money48 Comments

The following is a guest post about the cost of owning a car. If interested in submitting a guest post, please read my guest posting policy and then contact me.

Purchasing a car can be a major expense, second only to buying a home for most consumers. And like owning a home, owning a car also comes with the cost of maintenance and upkeep. What initially seems like a low starting price can skyrocket over time when you factor in the added costs of insurance, maintenance, and fuel. For example, although a Dodge Journey SUV may cost $1,600 less than the comparable Toyota Highlander, according to Consumer Reports the Dodge will actually cost you $5,000 more in running costs over a 5-year period. It’s helpful to take a closer look at all of these associated expenses to calculate the true cost of owning a car. This will help you better compare your options, for a realistic picture of what to budget.

Cost of Fuel

One of the most obvious costs you can expect to pay is fuel. This can really add up over time, particularly for larger cars and SUVs. Cars that require premium or diesel fuel will take…

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