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Purchasing a car of your own is a big investment, second only to purchasing/owning a home or property. The total cost of owning a car is usually underestimated by the consumers. The true cost of car ownership can vary from vehicle to vehicle based on whether it is a new car or a used car. The true cost of a car ownership is not just the monthly car loan EMI payments or the on-road price of the car.
A car cost calculator can help you find out the overall cost of owning a car. Whether it is a new car or a used car, the car cost calculator can also help you compare costs between two cars of different makes and models. The car cost calculator takes the following expenses into account:
The manual calculation of the true cost of car ownership can be prone to human errors. The online car cost calculator is easy to use. Click of the 'Single Car Calculation' button to calculate the cost of owning a single car. Fill the cost date and click on the 'Calculate' button to get instant and accurate results. To compare the cost of owning 2 different cars, click on the 'Double Car Calculation' button.
You may wonder, why is it important to calculate the true cost of car ownership. The answer is simple - knowing the cost of car ownership can help you choose the right car to purchase and also to keep certain costs to a minimum so as to avoid unnecessary/additional expenses. A high cost of car ownership can affect your financial ability to invest in much-needed life, motor, and health insurance policies and also to set aside money for retirement. By comparing the costs of different makes and models of cars, you can choose one that is within your budget.
Here are some tips to help you reduce your cost of car ownership:
In conclusion, use the car cost calculator to find the true cost of car ownership, compare costs of owning different makes and models of cars, choose a car within your budget, and to reduce the overall cost of car ownership.