How Much Do We Spend On Our Cars?Last Updated February 5, 2020
Do you keep track of all the money you spend on maintenance, repairs, fuel, financing, insurance, and other assorted fees? Our average lifetime spending on automobiles is $335,080 and that's about 10% of our average lifetime earnings with a bachelor's degree. Learn the costs of ownership in the first five years for some of the best selling cars of 2013 and a few ways to keep operating costs down in the infographic below.
[click the infographic below]
Some quick takeaways
- Fuel tends to be one of the highest expenses that will have a direct impact on your wallet. This number tends to be a little more fluid as it will rise and fall with the price of gas. Owning an F-150 and high MPGs don't necessarly go hand in hand, but you could look to invest in a new cold air intake or exhaust system. This would free up some MPGs by reducing restrictions.
- 1.5% of your annual income will be spend on auto repairs. An easy way to reduce this number a little bit would be to do some of the routine maintenance yourself. Whether its oil changes, monitoring tire pressure or changing the air filter. Every little bit adds up over time.
- You could probably buy yourself a new compact car or sedan with the five year cost to own a BMW 750LI.
If you've ever been curious as to what percent of our annual or lifetime income goes into maintaining a car then you should check out CJ's new infographic. You'll be able to see which types of vehicles are more expensive to own over 5 years, how much of your income goes into maintenance and the most and least expensive operating costs for each type of vehicle.
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