What Will Owning a Car Really Cost You?
Owning a home may be the American Dream, but owning a car seems to be the American Way. It's estimated that 95% of U.S. households own a vehicle, with 85% relying on their cars to commute to work. But given the number of affordable alternatives to vehicle ownership -- think public transportation, Uber, or even a bike -- it may be time to consider unloading that automobile, or refraining from buying one in the first place.
There's nothing like the convenience of having your very own vehicle to use when and how you please. But how much are you willing to sacrifice for that luxury? According to AAA, it costs $8,700 a year, or $725 a month, to own a vehicle. And when you think about the expenses involved, like car payments, insurance, registration fees, and maintenance, that number makes sense. Still, it's a lot to pay for the ability to get around town, especially if you live somewhere that offers lower-cost alternatives.
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Source: Fool.com
