Car
The True Cost of Owning a Car: Beyond the Sticker Price
Owning a car costs over $12,000 per year on average. Here's the full breakdown of every cost -- depreciation, insurance, gas, maintenance, and more -- with 5-year TCO comparisons.
New vs Used Total Cost Calculator
5-year TCO comparison: purchase price + financing + insurance + maintenance + depreciation. Shows true cost per mile.
New vs Used Total Cost Calculator
New or used -- which one actually costs less when you add it all up?
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$10,000$100,000
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$5,000$80,000
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$3,000$40,000
Average American drives about 12,000 miles/year
Going used saves you $8,980 over 5 years.
Here's what I'd tell a friend
At $150/month less in true cost, the used car is the smarter financial move. That savings could go straight to an emergency fund or retirement account. Just make sure to get a pre-purchase inspection -- it's the best $150 you'll spend.
New car 5-year TCO
$33,658
Used car 5-year TCO
$24,678
New car cost per mile
$1/mile
$561/month
Used car cost per mile
$0/mile
$411/month
New car depreciation
$19,600
Worth $15,400 after 5 years
Used car depreciation
$11,186
Worth $10,814 after 5 years
New car interest paid
$4,382
Used car interest paid
$2,839
New car maintenance
$4,080
Lower early on thanks to warranty
Used car maintenance
$6,840
Higher as the vehicle ages
New car insurance
$5,596
Used car insurance
$3,813
The Money Friend
Going used saves you $8,980 over 5 years.
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This calculator provides estimates for informational purposes only and does not constitute financial advice. Actual costs may vary based on your creditworthiness, location, and lender. Consult a licensed financial advisor or mortgage professional before making financial decisions.
Interest rates, payments, and loan terms shown are examples for illustration purposes only and do not represent an offer to lend, a commitment to make a loan, or a guarantee of any specific rate or term. Actual rates and terms are determined by lenders based on your individual credit profile and may differ from examples shown.
Past performance and historical data do not guarantee future results. Equal Housing Opportunity.