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Financial Guidance Library

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Financial Guidance Library

Driving a car: How much??

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How much does driving a car cost these days?

According to a report by the Automobile Association of America, the average cost to own a car is $8,876 a year. So why is it so expensive to drive today?

HERE ARE A FEW EXPENSES THAT CAN ADD UP FAST:

FUEL. The price of gas can make a big difference in how much you’ll pay to drive. Fortunately, gas prices today are at a reasonable rate. Your gas bill will also depend on how many miles you drive.

CAR INSURANCE. If you’re under 25 years old, you can expect to pay high rates for car insurance ($1,000+ per year). Look for companies that offer student discounts for good grades or if you complete a safety program.

MAINTENANCE AND REPAIRS. Whether it’s money to change your oil, fix a flat tire, or to buy new windshield wipers, there is almost always a repair waiting to be made. Be prepared to pay.

LICENSE AND REGISTRATION. Every year, you need to pay a fee to update your vehicle registration. The costs vary on the age of your car, as well as the state that you live in.