The true cost of owning a car
The purchase price is only part of what a car costs. The biggest hidden cost is usually depreciation, the value it loses while you own it, on top of fuel, insurance, maintenance and tax. This calculator adds them all up to show the real cost per month, per year, and over your whole ownership.
Worked example
A 30,000 car worth 15,000 after 5 years loses 15,000 to depreciation. Add 4,500 a year of running costs and the total is 37,500, about 625 a month.
Why it matters
Two cars with the same price can cost very differently to own. A cheaper car that holds its value and sips fuel can easily beat a pricier one that depreciates fast and drinks fuel. Compare the monthly figure, not just the sticker price.
Frequently asked questions
What is the biggest cost of owning a car?
Usually depreciation, the value the car loses over time. It often outweighs fuel and maintenance, especially on newer cars.
How do I estimate resale value?
Look up what similar cars of the age you plan to sell at currently fetch. Many models lose 40 to 60% of their value over five years.
What is the biggest cost?
Usually depreciation, the value the car loses over time. It often dwarfs fuel and maintenance, especially on newer cars.
Does it include loan interest?
No. If you finance the car, add the loan interest from the car loan calculator for the full picture.