Finance savvy? Hidden secrets for must-finance purchases today
Considering the Cost of Ownership
Beyond the initial purchase price, it's essential to consider the total cost of ownership. This includes maintenance, insurance, and energy costs. For example, when purchasing a vehicle, factors such as fuel efficiency, insurance premiums, and maintenance costs can vary widely between models. According to AAA, the average annual cost of owning a vehicle in 2022 was approximately $9,666, which includes fuel, maintenance, and insurance3.