New analysis examines full-life cost of car ownership using cost-per-mile comparison metric.
ROCHESTER, NY, USA, November 4, 2020 /EINPresswire.com/ — Finance website The Best Interest has published an analysis examining the complete cost of car ownership. The research uses a cost-per-mile metric to analyze new cars, used cars, leases, and various comparisons thereof.
The analysis pulls data from Edmunds, AAA, Your Mechanic and other automotive sources. Variables such as depreciation, insurance, fuel, maintenance & repair, and taxes & fees are accounted for. The results of the analysis are compared against common statistics, such as the U.S. government’s mileage reimbursement rates.
The analysis provides answer to frequently asked question such as:
*How should I compare time owned vs. miles driven?
*What’s the full-life true cost of owning a car?
*How much does a car’s value depreciate over time?
*How do I place value on the utility of my car (e.g. a work truck vs. a compact sedan)?
*When is a used car purchase smarter than a new car?
*How does leasing compare to owning?
*Should I sink money into maintaining an old car? Or just get a new car?
Assumptions and sources are stated such that individual car owners can adjust and account for their unique vehicle.
The Best Interest is nationally-recognized personal finance website. The site specializes in explaining complex ideas in simple terms.
The Best Interest
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