Calculate Your True Cost-Per-Mile Before You Trade Your Car
Thinking about trading in your car for one with better gas mileage? Before you make that decision, it’s crucial to understand your true cost-per-mile. You might be surprised to learn that your current car could be more cost-effective to drive than a new vehicle—especially when factoring in all the associated expenses like maintenance, insurance, and depreciation.
The cost-per-mile calculation takes into account more than just fuel efficiency. It includes how much you’re spending on regular maintenance, repairs, insurance, and other vehicle-related costs. In some cases, even a car that isn't the most fuel-efficient can end up being cheaper to own and operate than a newer model with better gas mileage.
By calculating the true cost of ownership, you’ll have a clearer picture of whether trading in your vehicle for a more fuel-efficient option is truly worth it. This will also help you make a smarter financial decision, considering not only the cost of gas but all the factors that affect your car's overall expenses.
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