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Upside-down Cars

by Flexo on July 24, 2003

in Uncategorized

If you bought a new car recently and didn’t pay cash, chances are pretty good you’re driving a vehicle you can’t afford.

Having a car requires more money than the dealers let you believe. Edmunds.com features a True Cost To Own worksheet that calculates some costs you may not be thinking about when you go to buy your new (or new-to-you) car, such as gasoline and maintenance. For example, the True Cost To Own for a used 2002 Honda Civic is $11,708, or $0.28 per mile based on 15,000 miles a year. This compares pretty favorably with other cars in its class, most of which cost more than $0.30 per mile to own. Interesting.

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About the Author

Flexo, the owner and creator of Consumerism Commentary, has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow him on Twitter.

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{ 1 comment }

1 Flexo July 25, 2003 at 9:54 am

As a follow up, used car prices have been greatly declining due to all the attractive financing offers on new cars.

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