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.

Updated February 6, 2012 and originally published July 24, 2003. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He 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 Luke Landes on Twitter. View all articles by Luke Landes.