The Real Cost of Driving
Do you know how much it really costs to own and drive a car? According to the U.S. Department of Labor, the average household spends almost as much on their cars as they do on food and health care combined for their entire family.
Here are associated costs to prepare for when you buy your first car:
- Gas and motor oil
- Registration fees
- State sales tax
- Car insurance
- Parking and toll roads
- Mechanical Breakdown Insurance
- Maintenance and repairs
Many of these expenses vary widely. For example, insurance rates depend on your age and the type of coverage. In addition, the amount of money you spend on gas will depend on how much you drive. In general, though, you can expect to spend thousands of dollars more over and above the cost of your car. So as you're creating your car budget, be sure to take into consideration these additional costs.
