Be Wealthy & Smart How to Think Through the Opportunity Cost of Owning Multiple Cars
Learn how to determine how much owning multiple cars is really costing you.
I address a listener question. Gilbert has purchased a car for $40k and owns 2 other cars. Should he keep the cars or sell them and invest the money?
We will delve into the thought process behind how much cars are really costing you in terms of "opportunity cost."
AAA says if you drive 15k miles per year, a car will cost you:
$98/mo. for insurance
$146/mo. for gas
$99/mo. for maintenance
$12/mo. for fees, taxes & registration
that equals $355/mo. which is $4,260 per year, therefore the cost of 3 cars is about $13,000 per year.
From here, we take the price of the car add it to the annual costs, and the opportunity cost is in the millions of dollars over 30 years.
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