Buying a car is one of the largest financial risks you will undertake in your life. Cars are expensive to initially purchase, and the added cost of insurance, maintenance, and the inevitable modding quickly adds up. There are endless debates about the perfect car buying strategy but unless you’re purchasing a collectible car, expect to spend thousands of dollars during the course of your ownership. Although car ownership can be expensive proper budgeting a planning can lead to a very reasonable cost of ownership.
Today on Engineering Explained, Jason Fenske calculates the total cost of owning his Impreza WRX STI, showing us the total cost of buying and owning a new car. This video is a great lesson for someone looking to buy their first car, or make strong financial decisions. Buying a car can be very complicated with so many factors to consider, but understanding the costs associate can lead to very smart financial choices.
Lucky for Jason, Impreza WRX STI’s hold their value very well if they are properly maintained, making his financial loss very negligible. Paying around $1 per mile to drive a car you love is totally worth it.