Website owner: James Miller
How much does it cost to operate a typical car today? Let us pick a
1992 Chevrolet Caprice station wagon and estimate the cost of
operating it. The purchase price new is $18700. It is purchased
with $4700 down and an auto loan of $14000 at 10% for 5 years.
Year Year-end Depreciation Tax Interest Repair Cost of
wholesale on loan costs Operation
value
_________________________________________________________________
1 $15,025 $3675 $686 $1298 $0 $6984
2 11,825 3200 540 1060 100 6225
3 7700 4125 352 797 100 6699
4 6625 1075 303 507 100 3310
5 5200 1425 238 186 400 3574
6 4150 1050 190 500 3065
7 3650 500 167 500 2492
8 2225 1425 102 500 3352
_________
Total 35701
Notes and assumptions.
Insurance: $500 per year
Gasoline: $750 per year
Auto registration, county sticker, safety inspection, etc: $75 /yr
Personal property tax rate: 4.57%
Loan: $14,000 at 10% for 5 years
Down payment: $4700
Year-end wholesale values: from Oct 92 bluebook
Repair costs: based on the yearly repair costs for my own 1979
Chevrolet station wagon
Cost of operation = Depreciation + Tax + Interest + Repair costs
+ Insurance + Gasoline + Auto registration, county
sticker, safety inspection, etc.
Oct 1992
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