Frequently Asked Questions
What is the true cost of car ownership?
Beyond the monthly payment: insurance, fuel, maintenance, registration, depreciation, and financing costs. Typically $8,000β$15,000/year for an average new car.
How much does a car depreciate?
Average new car loses 20% in year 1 and 15% each subsequent year. After 5 years, typical value is 40β50% of original purchase price.
Is leasing or buying better?
Leasing offers lower monthly payments but you build no equity. Buying costs more monthly but you own an asset. Long-term ownership (5+ years) is almost always cheaper.
How do I save on running costs?
Maintain correct tyre pressure, service on schedule, drive smoothly, compare insurance annually, and consider a more fuel-efficient vehicle.