A new study says drivers are underestimating what their cars cost, and not just by a few bucks here and there. It reckons the privilege and convenience of owning a car could be costing them more than $4,500 a year above what they envisaged.
Synchrony’s Cost of Car Ownership survey found owners think they spend about $2,738 annually on upkeep, excluding loan and lease payments. The actual total averages $7,303. That’s a 167 percent or gap, which means Americans are doing their sums with blind optimism instead of a calculator.
Gas averages $1,956 a year and insurance runs about $1,730. Maintenance adds $622, service and repairs $659, tires $377, and parts and accessories $240.