Drive My Car

Page_6ABL gravitated to the HONDA FIT because of the bang for my buck.  Before purchasing the car, there were a few things ABL had to consider.  These are not meant to scare anyone, just to make people aware of additional expenses that creep up.

1. PARKING : Where is your car going to live? (If you do not have a garage, you may have to pay extra)
FORMULA
$X = MONTHLY PARKING HOME + MONTHLY PARKING WORK + MONTHLY PARKING STREET/GARAGE x 12
2. USAGE : Where do you plan to drive your car?
FORMULA
Y = (APPX DISTANCE per MONTH) + (VACATION DRIVES APPX DISTANCE per Month) x 12
3. GAS, OIL and MAINTENANCE : What is you car going to eat to stay alive and how often do you plan on grooming it (car wash)?
GAS = Y/ YOUR CAR’S MILES PER GALLON
Z = GAS + (OIL CHANGE x 4 QUARTERS) + MAINTENANCE
4. INSURANCE and REGISTRATION
I = INSURANCE + REGISTRATION

ADD:
ADDITIONAL EXPENSE = $X + $Z + $I

*If you are buying a used car over 6 years add $S for SMOG TEST

Something also to note, what is the value of your time? The nice thing about having a car is your don’t have to wait for public transportation and you get from POINT A to B faster. However, sometimes it’s better to take public transportation because parking can be a nightmare. If you live downtown (places like San Francisco or NYC), sometimes is more economical to just take public transportation.

Is it worth getting a car for you?

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