pent an average of $0.1 per mile on gas, other fuels, and new motor oil. This adds to an average of $1,500 for a 15,000 miles drive every year.
đŸ‘‰Insurance: According to a “The true cost of auto insurance in 2022” report by Bankrate, American drivers spend an average of $1,771 annually on car insurance premiums.
đŸ‘‰License Registration & Taxes: It costs $712 to register a license and pay taxes as a car owner.
Car maintenance, fuel, and insurance are the top three driving costs per year. Even without car loans, parking fees, depreciation, and other subscriptions you have within the car, believe it or not, you can save $5,333 every year just by ditching the car.
Do you think this is something you can consider to help get your personal finances in order?
đŸ‘‡Share your thoughts in the comment section below đŸ‘‡
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Jessica Perrone
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Disclaimer: Jessica Perrone is not a registered investment professional nor a financial advisor. This content is for educational purposes only and is not investment, tax, or financial advice. Always do your own research. You are solely responsible for all investment, tax, and financial decisions that you make. Please read the full disclaimer here.