Cost of car ownership on the rise, becoming unsustainable for some drivers
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- Опубликовано: 26 сен 2024
- The total annual cost of owning and maintaining a new car climbed to more than $12,000 last year, up from about $11,000 the previous year. Monthly car payments also spiked along with rising interest rates. NBC News’ Christine Romans has the story.
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#Cars #Vehicles #Driving
On maintenance for my now 2007 Toyota Camry? I spent over $4k in repairs....over 17 years. Maintain your car and your car will take care of you.
Well if I have to spend a bunch of money all the time on my car maintaining it I hope it would look after me. Would it be too much to ask to have a car that I don't have to look after but it will still look after me? I had an 08 Wrangler that I did zero maintenance to other than oil changes and changed the diff fluid once and got 330,000 km over 12 1/2 years with very few issues. Shop wanted to charge me $300 to change the diff fluid every 40,000 km! Drive them into the ground I always say😂
@@bobwoods1302
So you didn’t maintain your car and got lucky and that’s your advice to other people?
@@neilkurzman4907 The cost of all that maintenance you could just by a new car instead.
thats why they are attacking people on Insurance, the Teslas alone are accounting for raising insurance rates since breathing on them is totaling them. From insurance alone i wouldve bought my car 10 times.! on top of that i Have 0 claims.
Just be lucky you got a Camry.
Insurance is a f-ing scam. I’m tired of it. I shouldn’t have to pay more on my premium because other ppl can’t drive!!! They need to make law that insurers can’t raise rates of ppl that have no accidents or tickets!!!
Good points. It’s not fair insurance costs keep going up for drivers
Or the ones who drive with no insurance or the scammers.
Exactly! It’s just sad that we’re still getting punished for having a squeaky-clean driving record, and that’s not fair.
Mine went down each year because my fam knows the agent for a long long time. But my girlfriend, hers go up every year, now it cost almost as much as her monthly car payment, for a new car. INSANE SCAM.
My rate got lowered again by 170. Only pay 107 for my Ducati and golf. Drive better
Mother of 6 is where the problem started lol car maintenance is the least of her issues.
I know, right?!
😂 touche
Kids to day! When I was 16 I did all the maintenance on our family cars. We are raising a bunch of sissies.
A single mom at that. I see no ring.
@@Cucumberflavoredmustard She could be married. Everyone does not wear their rings as they get older or their fingers gets to large to fit it with weight gain
Add housing costs to vehicle costs, and it's easy to see why most young adults can't afford it. Add in the costs of the wife, kids, and life's costs in general; it's easy to see why young adults are living with their parents.
At 31 years old I have 3 vehicles..
2004 Ford ranger, 2022 toyota rav4 hybrid, 2020 vw passat. All of them obviously paid for.
How much did you pay for your wife?😂
@stuwest3653 haha kansas. Don't get mad but I also had my first house built (moved in nov 2021). I moved straight from a 1bed 1 bath 750sq ft apartment to a 2800sqft 5bed 3bath and jumbo 3 car garage.
@stuwest3653 Financially the state has done well for me. I have around $400k saved in retirement accounts.
There are still affordable vehicles out there. But when you spend $50000 or more.Yes, you're gonna have to pay more to fix.It's more expensive. Buy a cheaper car and Stop trying to impress people.
If you're going to take your car to the dealership for maintenance and have them do everything that's recommended it will never be affordable to own a car.
The trouble nowadays 75% of the new car dealerships are owned and operated by companies from other countries!!
Who takes their car to dealerships? I bring my car to nearest mechanic or shops
Lol Midas wanted to install new struts on my 2011 Camry just because...
Try to tell me they were worn out. I'm 41 years old, I know when shocks are worn out.
@@strongerthanyouallday Yep, some rookies taking us for fools.
These days, spot on.
What the fuhk is a documentation fee? The whole process is fraudulent
a doc fee is one of the few real fees. The warranties and other add-ons are usually bs.
@@pricetagcitrus which is why it varies from 299 to 659. Copies are 10cent per page. What documents are they charging me for
It's a fee the dealers charge to squeeze a little extra out of every customer.
People keep buying bigger and more expensive cars with more and more features. Higher insurance and higher repairs come with that.
my 80's truck owner manuel: 16 pages. My workmates VW Tiegwan??? 330 pages!!
I don't
@@Callsign_Sturm Give it 10-15 Years and this will be reversed by the Dems, the car-free movement will push for smaller vehicles.
Wait until we HAVE to start buying used electric cars.. car ownership is going to be financially unattainable for regular people.
in addition to the insurance rates if you decide to charge the "car of the future" in your garage.
@@lexdunmon7345 What's this "garage" you speak of? No one can buy a home to put an EV in anymore. Apartments won't install chargers because it doesn't make sense.
A used EV will require a new battery which can cost $10k to $15k easily, making used EVs unaffordable too, people sell off their EVs when they know the battery life is nearing its end
@@ytzpilot Battery prices are falling and will continue to fall. By the end of the decade it's likely to be half or less of what they currently cost. That's getting fairly close to breaking even with regular cars when you consider maintenance items.
@@mikeydude750 that still won’t make a difference when a new battery goes from $14k to $7k on a car that’s only valued at $5k. To be honest I would just stick a Honda Generator on an old EV to constantly power it instead of a new battery, that’s the $300 solution right there 👍
Too many gadgets and electronics…
Simplicity is best....
I went CAR-FREE for over a decade. I bicycled & took public transport everywhere.
*Minneapolis ranked the No. 1 most bikeable large city in US*
Minneapolis is the most bikeable large city in the United States, according to a new ranking by PeopleForBikes."_
SOURCE: BRING ME THE NEWS, by TOMMY WIITA JUL 10, 2023
....all of our busses & trains come equipped with bike-racks.
I saved approximately $10K/year. My savings reflect that estimate.
Individual car ownership is the most expensive form of ground transportation on the planet. ....likely in human history.
Exactly we don't need a flying car but people just finance them just because they can pay a couple hundred dollars each month. Meanwhile they can't even afford the whole vehicle.
We always buy older vehicles with the lowest mileage possible. I can still work on them, and the parts/ins. is cheaper.
More of the "you will own nothing and be happy" bullsh.
yup and these idiots actually think its normal or are too doped off off weed or tiktok to realize it.
meanwhile doordash, uber and lyft are paying the drivers base pay of $2 per ride or delivery that will take 15-20mins, pay same as 5yrs ago. PATHETIC
Those jobs are voluntary meaning their pay is market value.
Ride-sharing totally changed, nowadays it's a career...😊
I have been doing DoorDash since 2019,and am in a program where I don’t have to pay taxes on my income because of the COVID restrictions/mandates. When this ends,and the US government wants to end this along with local governments,gig economy workers will be W-2 employees and the gig economy will be antiquated just like your former daily newspaper.
No one forces people do deliveries or rideshare that pay crap. Plenty of normal iobs out there, but are too normal for some people
Then don’t do it
And the vehicles currently built are generally disappointing with cheaper materials and lower quality build. Recalls are common these days.
Plastic
body work on all that fibre and plastic is 10 times or more what the old metal cars were.
@@DwightStJohn-w1l plastic radiators, oil pans, intake manifolds, thermostat housings.
@@DMarshallSR they could go 200k but you could get a new car for relatively cheap. 1966 you could get a new VW for $1600. Mustang starting at $2416. If you got the V8 mustang that engine was used at least till 1991.
People cant even handle 1 computer let alone 60😮
Fact
It's just goes to show how stupid people are they mindlessly buy crap cause they can finance it not even afford it
Cars that are always being recalled like everything else in the states. The level of greed is madness.
In California, car registration goes up every year. There was a time when it used to go down.
And what about insurance? Unaffordable
So leave woke California and move to red state and vote red and enjoy better life
The money to pay for illegal immigrants has to come from somewhere
Where did they get $12,000 a year figure for owning & maintaining a car?!
$1,000 a month for a car and that doesn’t include payments? A NEW car also… that should be under warranty.
They must be getting new tires every month or something. Or maybe 90% of the people they interviewed owned a hyper car.
Did you factor in Depreciation of a Newer Car into the equation? 10k+ is not unrealistic.
There is also fuel, insurance, and anual registration fees.
They're being sneaky and throwing in the calculated depreciation into that number. Problem is, depreciation isn't an actual expense for a household. Unless you're writing it off as a business expense, it's not an actual "expense".
@@steak5599Registration is a once a year fee. Get real. Insurance is $120 a month.
Gas is $200 a month.
Where is this $1,000 coming from?
@@strongerthanyouallday depreciation.
Go buy a new on at the avg transaction price of $48k.
Drive it 5 years, and trade it in. See how much money you lost over 5 years.
Please don't say something like buy a Toyota Corolla and drove it 20 years and junk it. The video specifically says New cars and Avg general public.
Most new car buying type usually only keep their cars for like 5 or 6 years
@@steak5599 I don't buy new cars. I'm 41 years old and only bought used cars because they hold up value.
We are talking about actual expenses, not some existential cost.
Got it?
Weird.....food, cars, and homes all at insanely high prices at the same time....
The only thing I can saw is learn to work on your car. I understand that something’s like electrical issues are hard to diagnose. But a scan tool,good old RUclips and Google can help you figure out and fix most things.
This is so true
My Bugatti cost me 12k a year in maintenance. Just can't seem to catch a break.
I'm a REALTOR® and a Financial Coach. I'm on the front lines of the housing and financial crises for the average American family. Simply existing is becoming unsustainable.
Labor costs going up? So he gives raises? Most companies don't, and if they did it ain't nowhere close to inflation.
glad someone else caught what he said at the end- this story doesn't have anything to do with labor costs
Too bad im opressed with free public transportation, bike lanes and walkways in California and dont own a car
I own an e-bike and e-scooter and they both get around great around the city and show up to places 5-10 minutes slower than a car but no insurance or huge maintenance fees. If it breaks buy another for $2000 or less and prices keep dropping as the technology advances.
Kinda kills the date nights tho
uber
I live in an area where you have to have a car. Too hot and humid to get around without risking heat stroke.
I found my ppl :)
Notice she said SUV. I bet you an uncool minivan would be cheaper.
Parts are affordable mechanics are not.
reporter says “repair” I suspect she means “replace”. nothing is being repaired anymore. everything is become remove and replace.
Replacing a broken part is a repair. You could also repair the broken part. I would assume if it’s economically repairable.
Now that I'm old & disabled an e-bike does the trick for me. It's ideal for my bad knees. It'll go 20 miles w/o pedaling & up to 60 miles if pedaling heavily. It'll also go 23-41mph depending on wind, hills, & payload. I love it. Get you one if you're getting old, it helps greatly with balance as the old internal gyroscope starts getting wobbly...
I went CAR-FREE for over a decade. I bicycled & took public transport everywhere.
*Minneapolis ranked the No. 1 most bikeable large city in US*
_"Minneapolis is the most bikeable large city in the United States, according to a new ranking by PeopleForBikes."_
SOURCE: BRING ME THE NEWS, by TOMMY WIITA JUL 10, 2023
....all of our busses & trains come equipped with bike-racks.
I saved approximately $10K/year. My savings reflect that estimate.
Individual car ownership is the most expensive form of ground transportation on the planet. ....likely in human history.
@@xjarheadjohnson Great post. Thanks for your service! I was under the assumption that once a Marine always a Marine. Salute!
People who can’t afford car maintenance aren’t properly prioritizing
This is how they attack right to repair, this will phase out mechanic shops also which will further hike repair costs. you will own nothing.
Yep, 60 computers which you can only buy from the manufacturer when they go kaput. $$$$$
People don’t want to do “dirty” work anymore
That's why I buy older cars and do all my own repairs.
I went CAR-FREE for over a decade. I bicycled & took public transport everywhere.
*Minneapolis ranked the No. 1 most bikeable large city in US*
Minneapolis is the most bikeable large city in the United States, according to a new ranking by PeopleForBikes."_
SOURCE: BRING ME THE NEWS, by TOMMY WIITA JUL 10, 2023
....all of our busses & trains come equipped with bike-racks.
I saved approximately $10K/year. My savings reflect that estimate.
Individual car ownership is the most expensive form of ground transportation on the planet. ....likely in human history.
@@Callsign_Sturm Of course they all have their place.
Nobody questions the, individually owned, cars place in our culture.
I'm simply sharing a different choice & experince.
Manual transport is not only realistic, but you get to keep MUCH more of your money, when you own & use, cars less.
You can own as many cars & spend as much money as you would like. If that is what you want, my path & experience is not for you.
BUT for people struggling with the cost of car-ownership, as I did when I was young & why I started bicycle commuting, in the first place.
....and there is, obviously, a LOT of others, as this story suggests.
......For them, I offer a different path & experience, regardless of WHY you believe they are so expensive.
@@Callsign_Sturm Sure.
That said, I've never spent more-than $700 to completely replace every part on a bicycle frame.
I more-often-than not, spend less than a oil-change or a weeks-worth of petroleum, to repair any problem on my bike.
Moreover, the average person doesn't require any special vehicle, with old carbureted engines, nor any sophisticated understanding of them.
Bicycles are simple & cheap to buy & maintain.
Bicycles are, for many of us, a choice between financial stress & financial freedom.
@@Callsign_Sturm Many of us, who live in places where the infrastructure supports anything else, are beginning to understand car-ownership as more of a burden, than it is a tool for freedom.
Bicycle commuting, if your infrastructure supports it, permits a surprising feeling of liberty & freedom. This feeling is only, in part, because there is WAY more money in my pocket.
@@xjarheadjohnson money is in the pocket of France and Germany because they spend little money on Ukraine knowing Joe will volunteer your money so those counties can focus their money on beautiful roads and bike paths. Joe just needs another 80 billion cause Europe knows it's your task. Pay $$$. If you don't pay Ukraine will fall. Ball is in your court. Germany said, nope.
not even an attempt at making your currency work, just greed
If i din't know how to work on my own cars, my life would be impossible right now. But knowing how to do basic things like brakes pads and oil changes goes a long way.
I stopped buying new cars a while ago. Best financial decision I've ever made. And don't be fooled by 7 or 8 year loan. If you can't pay it off in 5 years, you can't afford it.
This is why I drive a 2001 Camry 4 cylinder
America needs to build more/ better transit infrastructure, so less reliance on vehicles…
You must be a democrat LOL!
I bet that lady sold her SUV and it sure wasn't a Toyota.
Toyota breaks too ok, a rav4 with dealer maintenance had engine broke with 98K mileage
@@papaagidi2838BS. A RAV4 with basic maintenance will last 300,000 miles.
Time for public transit. Just make sure you're armed, alert and stay away from sus looking people on the bus/train.
well if more normal people with real jobs take public transit they might actually decide to shape up the transit systems and kick the sus people out of there finally
Public transportation isn't free in California. As a matter fact it will cost up to $1300 per year to get a transit pass. That is the same as Disneyland annual pass.
@@galileykwong7017 Why should it be free? A little over a hundred bucks a month sounds perfectly reasonable if you're able to use it instead of driving.
I went CAR-FREE for over a decade. I bicycled & took public transport everywhere.
*Minneapolis ranked the No. 1 most bikeable large city in US*
Minneapolis is the most bikeable large city in the United States, according to a new ranking by PeopleForBikes."_
SOURCE: BRING ME THE NEWS, by TOMMY WIITA JUL 10, 2023
....all of our busses & trains come equipped with bike-racks.
I saved approximately $10K/year. My savings reflect that estimate.
Individual car ownership is the most expensive form of ground transportation on the planet. ....likely in human history.
@@xjarheadjohnson You couldn't pay me enough to take a bus or train in a snowy city during the winter.
The type of vehicle you buy and own as a lot to do with how much you'll spend to maintain it in the long run, a lot of people don't think about that.
I keep my 2007 mazda 6 in stead of buying a new car for less tech, raw driving experience and less maintenance cost
That is a superb strategy. I've kept my 2007 Lexus IS 250 which I got in 2010 as certified preowned. I've driven it little on average in the past 10 years but have not commuted with it most of that time. It has some tech that needs maintenance like replacement of tire pressure sensors, which doesn't have to be done so I don't do it. I manually check. If's a pretty nice safety feature, though when I get some money I might just hve them all replaced. I want to keep this car for many years.
A third generation Mazda 6 is better in every single way.
The car insurance is what is killing me!
I went CAR-FREE for over a decade. I bicycled & took public transport everywhere.
*Minneapolis ranked the No. 1 most bikeable large city in US*
Minneapolis is the most bikeable large city in the United States, according to a new ranking by PeopleForBikes."_
SOURCE: BRING ME THE NEWS, by TOMMY WIITA JUL 10, 2023
....all of our busses & trains come equipped with bike-racks.
I saved approximately $10K/year. My savings reflect that estimate.
Individual car ownership is the most expensive form of ground transportation on the planet. ....likely in human history.
6 kids. Nuts
“People aren’t driving very well broadly” that’s an understatement lol
If they did their homework. You'll actually find out that car prices have gone down by 15 to 8 percent since the highs of 2022 and is continuing to come down due to the market self correcting for high prices
I don’t see it. When I do my homework, I realize I can’t afford a new car
I love my 20+ year old vehicles I can work on myself.
Imagine thinking that a particular person being elected magically causes the cost of living to change.
Insurance is a scam. If a company has over a 500k customers paying 300 dollars a month.... thats over 150 million dollars a month.
The insurance companies are ripping off their customers!
Biden is ripping you off
probably why the stock markets are doing so well, with their "record earnings"; fortunately junk fees for concert tickets, & cookie shrinkflation is being addressed.
I've worked in a body shop...customers rip off the insurance companies JUST as much
Health insurance is mandated, though...👍
Got rear ended TWICE, and my premium went up from $270, to $400/month on my Lexus 2015 (nearly 10 years old) like… how did they even calculate that number. There’s no wonder that everyone struggles getting out of the rat race
1000 dollars per months? What are they doing, replacing all the bolts with goldplated ones? As someone from across the pond, I'm curious, how much does insurance cost for an average car? I've heard it's higher in the states, but I have no idea how much higher. Where I live, the insurance rates depend on the type of car and on how long you have driven without accident. There is also a small regional variation, mainly between rural and urban districts. How is this done in the states?
Fuel is cheaper in the states, but consumption is higher due to car types, infrastructure, and habits, so there is probably not much of a difference for the average household. Afaik, cars are cheaper in the states, or at least have been in the past. Work costs more over here, so I'm at a loss where that number comes from. If they are factoring in the loss of value of a new car, that's at least kind of misleading, I'd say. You can't say ownership of a car is becoming unsustainable if you are only referring to *new* cars. A good used one with low mileage surely is much more affordable than a new car. And that lady in the video selling her SUV because of the costs probably doesn't factor in the loss of value either...
I don’t think this video is accurate. I’ve never spent anywhere close to that and I live in one of the highest cost of living areas in the country.
From my perspective, it seems like an accurate portrayal of the average cost. This is the back of the napkin math I can use to prove it. Every car starts off new, so the rapid increase in price of new vehicles is really hurting their affordability down the line. The average price of a new car in 2024 is $45,000, also say the car lasts 200,000 miles. The average person in the USA drives 14,263 miles per year. That means that the car should last 14 years. That means the fixed cost of an average car is $3200 per year. The next most important cost was insurance, and the average insurance rate was $2500 for full coverage. Let's talk about gas. The average car gets 27 miles per gallon and the average cost of gas in the USA was $3.30 last year. That means Americans spent another $1700 on gas. Also, the American Automobile Association (AAA) estimates that the average person spends $800 on car maintenance per year. Oil changes alone would cost about $250 because they need to happen every 3000 miles and they cost about $60 each. The taxes on the car, specifically car registration would be another $750. If I sum up all these costs $3200 for depreciation, $2500 for insurance, $1700 for gas, $800 for maintenance, $750 for taxes, then I get a cost of $9000 per year.
I am guessing this cost represents more the median cost for a consumer, which is probably a more useful figure to cite. For instance, I did not account for the cost of some billionaire paying for a special towing service to ship their Ferrari to their vacation home. Costs like that would definitely shift the average cost of car ownership up. However, the median cost only goes up if the whole distribution is shifted to the right, therefore it is not affected by outliers such as that.
From my personal experience, I own a 20 year old Honda that costs me about $6000 per year. It is about at 200000 miles, so I had to replace the timing belt, parts of the suspension, engine gaskets, power steering pump, and the alternator. I think that it is a tradeoff between depreciation and maintenance costs, because my maintenance costs for the last two years have been about $2000 per year. Nonetheless, I don't intend on getting a new car given that all the problems with my car can be fixed, and I don't see any new cars being that much more repairable.
I know just paid 500 dollars to replace a blown headlight ballast. Drive shaft ready 1200 without labor and the car insurance that goes up every year
I went CAR-FREE for over a decade. I bicycled & took public transport everywhere.
*Minneapolis ranked the No. 1 most bikeable large city in US*
Minneapolis is the most bikeable large city in the United States, according to a new ranking by PeopleForBikes."_
SOURCE: BRING ME THE NEWS, by TOMMY WIITA JUL 10, 2023
....all of our busses & trains come equipped with bike-racks.
I saved approximately $10K/year. My savings reflect that estimate.
Individual car ownership is the most expensive form of ground transportation on the planet. ....likely in human history.
Cars have already been unsustainable for MANY drivers. Most people can't even pay cash for their vehicles and can't even fix or get around a computer. With modern day cars with over 60 computer control modules each, OF COURSE that'll continue to get expensive to fix. Most of this is caused by consumer demand anyway; wanting a better infotainment system, safety features, comfort features, behemoth and distracting built-in tablets on the dashboard, etc, without even thinking twice about "What happens when it breaks?"
Phones break all the time due to the neglect of the owner or manufacturer defects. Imagine having to fix a built-in touch screen in your car because it failed after 2 years. Either get some education in fixing your own vehicle, or pay someone else to do it.
Insurance cost in 2024 is the same as the average car payment in 2019…🤔
I can't even afford to pay attention much less my car note, car insurance, utilities, credit cards, food, you name it, everything but the wages have risen.
Cars are more expensive / complicated, parts are more expensive because they cost more to make. It. costs more to be a mechanic such as buying equipment, increased garage liability / insurance, increased rent, all which translates to a higher labor rate that passes along to the consumer. When you think about it, you can’t really blame automakers, it comes down to how those we elected into office effectively run government in addition to how much they intervene with automakers by foisting rules & regulations on how they should build their cars. Because they are forced to constantly change, they can hardly focus on making cars more reliable.
Imagine, you squeeze the wages for the middle class for 20 or 30 years and car ownership, especially two cars per household, becomes untenable. Today, many households are looking at owning only one car. We are back to the 1950s.
Anyone that has owned an electric car understands the operations and maintenance is far cheaper with an EV than an ICE (a gas car). No high bills to fill up the gas tank. No tune-ups or oil/filter changes. Even the brakes last much longer due to re-gen. Yes, they cost more upfront, but are cheaper overall.
When dealers start scamming their customers because the owners tell them too because they want more money, tf are we supposed too do? When banks wont give you a loan on a car more than 5 years old because they are allowed too, tf are we supposed too do? When the price of the average new car went from 30k too 50k in the span of 5 years, tf are we supposed too do? When new cars arent reliable, specifically American and European brands, so they have way more issues, recalls, and high repair costs, tf are we supposed too do?
Gotta learn to fix things yourself these days
Garage mechanic are boosting their hourly price every year by like 2$/hour more per year it's not insane
Keep costs down by keeping up with maintenance.
I have a 2012 Toyota Prius -- 12 years old hybrid car. Has been with me through everything in life for the past 12 years. It has only costed me for regular maintenance stuff like oil change, brakes, etc. Gas cost has been super low and efficient. Best investment ever in my life.
This is also because allot of people are buying more EVs that don’t need maintenance. So independent shops have to raise prices to offset this EV trend. Hopefully EV demand will slow down, giving these shops a chance to stay in business.
And when they get into a minor accident they have to be totaled out. so that doesn't help insurance costs for everyone either.
We put way too much technology in cars. How about we just build cars for there intended purposes and stop putting so much technological crap in them that breaks and cost a fortune to repair.
Insurance is still profitable. They just want to keep or raise profits.
When you make towns and cities car dependent, it keeps the residents poor. Also, when car manufacturers only offer SUVs, it makes customers poor.
Honestly, SUVs are for suckers. Most people would be fine with a Corolla.
I can’t even afford auto insurance it’s $550 a month 😢
I went CAR-FREE for over a decade. I bicycled & took public transport everywhere.
*Minneapolis ranked the No. 1 most bikeable large city in US*
Minneapolis is the most bikeable large city in the United States, according to a new ranking by PeopleForBikes."_
SOURCE: BRING ME THE NEWS, by TOMMY WIITA JUL 10, 2023
....all of our busses & trains come equipped with bike-racks.
I saved approximately $10K/year. My savings reflect that estimate.
Individual car ownership is the most expensive form of ground transportation on the planet. ....likely in human history.
Never purchased anything but used cars.
You must not need to drive everyday.
$40/week in gas comes to $2,080/year.
So your car payments, insurance, taxes & maintenance come to about $300/year?
If true, you have a unique situation, not reflective of the average American.
They choose a single mom of 6 to spotlight for financial hardship? Hardly an average example. Do better NBC.
We got slammed into by a guy running a red light. His insurance gave us bearly enough for a car on payments or an old beater car.
And we did NOTHING wrong.
Had to go into debt just to afford a vehicle.
This is rampant price gauging. I own a $200K MSRP 2009 Mercedes and the annual cost to own and maintain outside of payments is $2,145/year. Far from $12,182/year. Of course I do the strictest preventative maintenance before recommended. I also stay away from the Mercedes dealership and utilize independent certified Mercedes technicians. The model has been studied relentlessly before purchase to avoid surprises. I suggest people do the same and research their cars thoroughly and develop a maintenance strategy before the fact.
Flood cars is everywhere!
People are spending too much on new cars. Poor Financial discipline and lending regulations are a huge part of this.
There’s no way this is excluding the cost of car payments. $12,000 is probably more than I’ve paid for the last 4-5 years combined.
I'm 50 & I've never bought anything but used cars. I think that estimate is more-or-less, accurate. Gas, insurance, maintenance & when you spread the cost of purchase, itself, over it's short lifespan the vehicle.
I know this because, I went CAR-FREE for over a decade. I bicycled & took public transport everywhere.
*Minneapolis ranked the No. 1 most bikeable large city in US*
Minneapolis is the most bikeable large city in the United States, according to a new ranking by PeopleForBikes."_
SOURCE: BRING ME THE NEWS, by TOMMY WIITA JUL 10, 2023
....all of our busses & trains come equipped with bike-racks.
I saved approximately $10K/year. My savings reflect that estimate.
Individual car ownership is the most expensive form of ground transportation on the planet. ....likely in human history.
But the economy is great
thats what "they" keep telling me, it's best economy on earth, with the highest job numbers, & booming stock market; behold the "middle-out economics", putting us "back on track".
...Not if you can't get to work
It is. Maybe not in Russia where you are but in America it's pretty good
@@bobwoods1302
😂😂😂
I love it when liberals use Russia, Trump, racist or democracy to try to prove a point when they cant.
It shows how weak and pathetic they are😂😂😂❄️❄️❄️🤡🤡🤡
Not for you Vlad.
More public transit, and walkable cities please. 😎
Car jackers and Catalytic thieves cause insurance to go up. Now I need a new catalytic and it costs more than a thousand dollars to replace.
Funny how we didn’t have these problems including skyrocketing insurance rates before Biden got into office. 😂
Funny how you don’t know what you’re talking about. Insurance rates increased way more during the previous term than they did during this one.
Learn how to do vehicle maintenance yourself instead of relying on someone else. Even the simple items such as the engine air filter, cabin air filter, exterior / interior lights, and wiper blades among other items can be done easily. Problem is; too many are lazy.
Yep. This exactly. I get maintenance done on my work vehicle by a shop (because I have to for obvious reasons) and just an oil change, air filter, wipers, and cabin filter run close to $200. On my personal vehicles I spend about $30 on oil and a filter, and take 20 minutes out of my day to do it in my driveway.
Even working on your car isn’t as cheap as it used to be
I’m lucky I learned how to swap motors when I was a kid
REQUIRE RETRAINING FOR LICENSES!
I've had my current car since 2005, paid it off in 2011. I was thinking about getting a newer car but not with reports like these. SMH
I use RUclips to learn how to work on my own cars. I bought a decent scantool for $450 and I've already saved thousands in just diagnosing issues alone.
The major accident, road rage, steal cars, nature flood/Tornado/fires, scammers, and gouging price double/triple.
Used JDM from the late 1990s are fuel efficient, silent, reliable, and have that classic VIP look and coser a fraction of the plastic Power Wheels cars of today.
LOL, our little toyota we have in the Philippines costs $325 /year to register and insure. You folks in the US are getting reamed by escalating prices 🤣
owning a car, and most people actually owe on their car, is anything but freedom. america became over dependent on driving and now we are paying for it
And what was the alternative?
@@Jleed989 🚌 🚆 🚶♂️ 🚲
Prior to about 65 years ago, literally anything. @@Jleed989
Nobody made them buy a car with payments.
keeping the trolley lines the auto and tire makers bought and destroyed in the 1950s, investing in high speed rail, building pedestrian friendly not car centric communities, etc.... (see Culdesac in Tempe)@@Jleed989
Time to get a motorcycle.
Do you Need or want. Bought a new Nissan Versa in 2015 < $15,000 before tax. Knowing I was retiring 2020. need a reliable car for overtime the next 5 yrs. knowing I'm keeping for long haul 10 + years. did the math don't want even a simple SUV w/ fancy electronics & payments + problems + insurance. almost 100,000 Miles no issues + I do my own maintenance except Tires/Exhaust/Trans oil change all the harder stuff. no payments - if I keep another 6 yrs - I got all my money worth.
I have seven cars, it's not that hard, course I do all the work on them myself. And many of them are 50-year-olds. I gained $20,000 when my car got hit and I salvage titled it and fixed it for $4,000
All These auto shops are screwing customers on labor and parts costs.
I do all my own maintenance and save hundreds. Average oil change for me 40$, oil/air filter included. Brake job about 200$ and thats for all 4 rotors and pads.
That’s new cars for ya. I sold all of my new cars and replaced them with old. I have 2 old trucks both from 1984 a dodge ram and a Chevy army truck. Old trucks are reliable and cheap to repair and maintain. New cars are a scam.
Stop buying gigantic gas guzzling SUV land tanks that weight 5 or 6 thousand lbs.
If you learn to do basic maintenance on your own vehicle it will save you a lot of money
My heart bleeds for you. Think about this, I cried because I had no shoes, until I saw a man who had no feet.
$60,000 for electric car battery plus labour
I actually died laughing. "Heather, mother of six(only five in the phone lol), can't afford her car and had to downgrade. Her kids are like 25 lol.
Buy old and fix it yourself.
I went CAR-FREE for over a decade. I bicycled & took public transport everywhere.
*Minneapolis ranked the No. 1 most bikeable large city in US*
Minneapolis is the most bikeable large city in the United States, according to a new ranking by PeopleForBikes."_
SOURCE: BRING ME THE NEWS, by TOMMY WIITA JUL 10, 2023
....all of our busses & trains come equipped with bike-racks.
I saved approximately $10K/year. My savings reflect that estimate.
Individual car ownership is the most expensive form of ground transportation on the planet. ....likely in human history.
OK you can just ignore half of those sensors though.. low air in the tire’s..lol..
Voters starting to realize, the hard way, that lockdowns and bailouts have consequences. Economics isn't just a theory, it's every day life. Stop deficit spending.
Simple greed.... it comes with capitalism... corporate greed. yep