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Written by Ryan Goodenough
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Thursday, 20 March 2008 00:00 |
Americans spend far more on transportation than they contribute to pensions and Social Security. These outlays--including vehicle purchases, motor fuel, car insurance, maintenance and repairs, license and registration fees, and more--are more than four times higher than their out-of pocket outlays for health care or education.
Currently, the estimated average costs of owning and operating a motor vehicle during the course of an individual's expected driving lifetime, shown in the table below, amount to about $300,000, depending on the size of the car one drives. Consider that this amount represents the costs of owning and driving just one vehicle. Two- and three-car families have proportionally greater costs.
For a more in-depth discussion of these issues, pick up a copy of AIER's "What Your Car Really Costs: How to Keep a Financially Safe Driving Record," available in our bookstore for just $6.00.
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