Now I say “if the figures can be believed” because pretty much any study can be put together by cherry-picking data. That said, I don’t find the figures presented in this infographic all that outlandish. Cars are expensive to buy, and, more importantly, maintain, and a vehicle is a huge investment. And as it turns out, even a modest commute can have a serious detriment to your “real” wages.
But the most stark numbers come after 10 years of ownership. A two-car household after ten years of each owning a car will sink over $125,000 into their cars if they spend, on average, $19 a day on fuel and maintenance costs (like changing the oil, fixing a broken part, etc. etc.) That is going by the IRS’s own estimate that driving a car costs 51-cents per mile. The infographic also tries to take into account driving a “thrifty” car, but the numbers are still rather intimidating…and this from a car-lover! The infographic recommeds moving closer to home and biking to work, if possible…hwich for many of us, it isn’t.
I always take studies like this with a grain of salt…but knowing what I alone have spent on cars in less than a decade of having my license, I would say these numbers probably aren’t that far off. What do you think, dear readers? Is this a bunch of baloney, or are automobiles really costing us as much money as this infrographic would lead us to believe?
Source: Streamline Refinance