http://finance.yahoo.com/loans/article/103446/drive-your-car-to-death-save-3 1,000
"Calculating the costs involved in buying a new Honda Civic EX every five years for 15 years - including depreciation, taxes, fees and insurance - the magazine estimated it would cost $20,500 more than it would have cost to simply maintain one car for the same period.
Added to that, the magazine factored in $10,300 in interest that could have been earned on that money, assuming a five percent interest rate and a three percent inflation rate, over that time.
The magazine found similar savings with other models."
[WS:] Better yet - do not buy car at all - use transit for daily commute and rent cars when you really need to, and save even more. For example,
My 1995 Saturn (a cheap and durable car:) Purchase price (with interest) $15k Repairs $3k Total $18k / 12 years = $1,500/year Insurance (average) $750/year Maintenance (average) $250/year Gas ($20/week average) $1,040/year Tolls/fees/tickets (average) $700/year Total car cost per year = $4,240
Transit: Local transit (pass @$65/mo) - $780/ year Car rental (12 days@$50/day) - $600/year Taxi ($20/week on average) - 1,040/year Long distance train (4 round trips @$200/trip) - $800/year Total transit cost per year - $3,220
Savings for NOT having a car - $1,020 per year or $12,240 for the life of the car. I would imagine it would be at least twice that amount for overpriced gas guzzlers.
Wojtek