What does it cost to own an old car?
When I bought my first car I wondered how much it would cost me annually. Now, after 3.5 years of owning a 2005 Hyundai Getz, I can do the maths myself.
Below is the full cost of car ownership for 3.5 years:
Purchase price: 2000 €
Servicing: 1667 €
Fuel (diesel): 2960 €
Highway toll: 440 €
Vehicle inspection and registration: 420 €
Roadside assistance: 120 €
Insurance: 1350 €
Selling price: 900 €
— — — — — — — — —-
Total: 8057 €
Per annum: 2302 €
Per month: 192 €
Per kilometer: 0.155 €
I owned this Getz for 3.5 years. The total cost of ownership was 8057 € or 192 € per month. Of course, the car still has some value, which I can recover by selling it. This would allow me to recover only a small fraction of the total cost of ownership.
I drove this car for 52000 km, mostly on the highway in Slovenia. I regularly serviced the car at an official Hyundai repair shop. I could have saved some money be servicing the car at a cheaper car repair shop.
A new car would cost more to buy, and would incur higher insurance costs. On the other hand, servicing and fuel costs would likely be lower. Additionally, comfort and safety would be much better.
