We just spotted an excellent infographic on the Earth 911 blog about the true cost of car ownership in the US with very interesting statistics.
The full infographic is posted above and as you can see the true cost of car ownership is way higher than what most might expect. The details cover a Toyota Camry, the most popular vehicle by sales in the US for the year (2013) and the stats are over a 5 year period. The first thing you’ll notice is how the Camry depreciates in value immediately upon leaving the lot. From $22,235 to $20, 012. Then come the annual fees, maintenance, fuel, repairs and the rest of it.
Most telling for me is the fuel costs over a 5 year period – a whopping and frightening $14,560.
That’s pretty scary, if you ask me.
This might explain the rise and popularity of car sharing services popping up in major US cities and why hordes of people are keeping their used vehicles longer and or simply opting for alternative modes of transportation. Because car ownership is slowly but surely becoming a luxury rather a necessity.
via Earth 911