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Car Ownership Cost Worksheet
Do you really know how big a bite your car is taking from your pocketbook? It might be more than you think! Use the example below to calculate your car costs. You won’t be sorry (well, you might).
Our example uses figures for a medium sedan. For specific car cost numbers on everything from small sedans to SUVs and minivans, check out the AAA’s Your Driving Costs 2007 brochure (PDF).
If you’re interested in a car cost calculation that includes the environmental and social costs of driving, check out this easy online calculator.
Car Information: |
Example: (source: AAA, 2007)
Costs for medium sedan |
Year: |
(Recent Year) |
Make: |
Honda |
Model: |
Accord |
Average Miles Driven Per Year: |
15,000 miles per year |
Please list the cost per year of:
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|
1) Depreciation:
(Use the easy steps below to figure the
annual depreciation)
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$3,394 this year |
2) License, registration & taxes: |
$544 per year |
3) Full-coverage insurance:
(Annual total) |
$955 per year |
4) Maintenance & tires:
5.5 cents per mile average
(Annual total) |
$825 (5.5 cents/mile) |
5) TOTAL ITEMS 1-4 and divide by 12: |
$5,718 divided by 12 = $476 per month |
Please list the cost per month of:
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6) Car payment: (if applicable) |
$743 per month |
7) Gasoline:
9.4 cent per mile average |
$117 (9.4 cents/mile) |
8) Parking fees: (if applicable) |
$50 per month |
TOTAL ITEMS 5-8 ABOVE: |
$1,386 Monthly Cost to Own & Operate (or approx. $320 per week) |
Your Vehicle's Depreciation
To see how much value your vehicle will lose this year, use the examples at the bottom of the page OR use an easy online Car Depreciation Calculator to get an even more accurate number.
For the online calculator you’ll enter the following info:
A. Purchase price – how much you paid for the car.
B. How old your car is – round up or down to the nearest whole number.
C. Time the vehicle is owned – this is an estimate of the number of years you will own the car. It’s easiest to think of how many years of good use the car has left. (If you're not sure, subtract the current age of the car from 12 and use this figure as an estimate of how many years of use your car has left.)
D. Once you have entered your figures, click “ Calculate.” Please use the figure for the "First Year Depreciation" in the "Average Rate of Depreciation" section as the amount of value your vehicle will lose this year.
Average Per Year Depreciation Examples (Source: AAA figures 2007)
Miles per year |
Small Sedan* |
Medium Sedan* |
Large Sedan* |
10,000 miles/year |
$1,911 |
$2,444 |
$3,171 |
15,000 miles/year |
$2,461 |
$3,394 |
$4,321 |
20,000 miles/year |
$3,111 |
$4,419 |
$5,496 |
* Small Sedan examples: Chevy Cobalt, Ford Focus, Honda Civic, Nissan Sentra, Toyota Corrola
* Medium Sedan examples: Chevy Impala, Ford Fusion, Honda Accord, Nissan Altima, Toyota Camry
* Large Sedan examples: Buick Lucerne, Chrysler 300, Ford Five Hundred, Nissan Maxima, Toyota Avalon
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