How Much Will A New Vehicle Truly Cost?

Gas

On top of the costs already covered, there is also the essential source of energy for your car: gas. Unless you buy a newer purely electric vehicle, you’re going to need to fill up at the pump regularly, and those costs add up. Most consumers drive their cars for an average of twelve thousand miles per year. It takes a lot of gas to go that far, and those costs will vary depending on the location, price per gallon, and type of car you have. Prices fluctuate throughout the year based on global production and other broad economic factors, and different regions tend to have higher or lower prices based on things like local production and taxes. For the most part, those things are outside of your control, but if you opt for a new car with a higher fuel efficiency rating, it's possible to save a lot over the long run. Twelve thousand miles at twenty miles per gallon for 2.80 dollars per gallon will cost 1,680 dollars per year, whereas the annual cost would drop to 840 dollars at forty miles per gallon.

Continue reading to learn about how insurance costs work.