What Is the True Cost of Car Ownership? – Tree Hugger
It’s way more than you think, and everyone is paying it whether they drive or not.
By Lloyd Alter Published January 15, 2021
After CNET’s Roadshow published an article titled “Average New Car Price Crosses $40,000 in 2020 and That’s Nuts,” Matthew Lewis of California YIMBY tweeted:
This is a lot of money. Used cars are expensive too, the average in 2020 being $27,689. But the cost of buying the car is just the start; there are so many other direct and indirect economic costs that one really has to question whether this whole system makes sense. And that’s not even considering the carbon costs. Let’s total them up; from CNET:
“On average, new car buyers left dealerships (or signed papers from home) having agreed to a car payment of $581 per month at a 4.6% APR over 70 months.” But that’s $6972 per year.