Rossen Reports: Hidden costs of owning a car revealed
It's car shopping season, and a new study from reveals the hidden costs of owning a car.
These costs include insurance, gas, maintenance, and vehicle taxes, which can add up to $6,684 annually, on top of your monthly auto loan payment.
Insurance is the biggest expense, averaging $2,329 per year, or $194 per month. Gas costs come in at $1,837 annually or $153 per month.
Maintenance expenses average $1,336 per year, or $111 per month.
Taxes add another $1,182 annually, or $98 monthly.
If you're shopping for a car, make sure to factor these additional costs into your budget.
Have a question for Jeff Rossen? He鈥檚 answering your consumer questions every Friday in the new segment "Rossen Responds." Email your questions to him at [email protected].
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