The True Cost of Car Ownership!

Click to Subscribe! ► https://goo.gl/x9qFdW Did you know that the average American could spend over $900k on car ownership in their lifetime? And if you calculated the opportunity cost of owning a car you could have $11 million in your bank account? I knew cars were expensive but that's insane! Let’s run the numbers and figure out what the heck is going on here! Data sources can be found below. =========================== Follow Hello Road! YouTube ► https://youtube.com/helloroad Instagram ► https://instagram.com/_helloroad Twitter ► https://twitter.com/_helloroad Facebook ► https://facebook.com/helloroadofficial Buy a Shirt! ► https://helloroad.tv/shop Follow Me! Instagram ► https://instagram.com/mrethantufts Twitter ► https://twitter.com/mrethantufts =========================== Table of Contents: 0:00 Intro 0:18 My Perspective 1:16 Purchase Costs 2:18 Car Expenses 3:39 Socialism for Cars 6:13 Percentage of Income 7:01 Affordability 7:54 Lifetime Cost of Car Ownership 9:00 Time Wasted 10:06 Can We Spend Less? 11:17 Can We Drive Less? 13:43 What Else Can We Do? 15:53 Wrap Up =========================== SOURCES FOR THIS VIDEO: * Auto loans - https://www.experian.com/blogs/ask-experian/research/auto-loan-debt-study/ * New car cost - https://www.coxautoinc.com/market-insights/kbb-atp-june-2022/ * Used car cost - https://spectrumnews1.com/ca/la-west/transportation/2022/06/29/used-car-sales--price-gains-begin-to-slow * Interest rates - https://cars.usnews.com/cars-trucks/average-auto-loan-interest-rates * Monthly payments - https://www.experian.com/content/dam/marketing/na/automotive/quarterly-webinars/credit-trends/2020-quarterly-trends/v2-2020-q4-state-automotive-market.pdf * Loan term - https://www.experian.com/content/dam/noindex/na/us/automotive/finance-trends/2021/q3-2021-safm.pdf * Insurance costs - https://www.bankrate.com/insurance/car/average-cost-of-car-insurance/ * Repair costs - https://www.aaa.com/autorepair/articles/average-annual-cost-of-new-vehicle-ownership * Fuel costs - https://newsroom.aaa.com/2022/08/annual-cost-of-new-car-ownership-crosses-10k-mark/ * Car customization - https://www.prnewswire.com/news-releases/foresight-research--new-vehicle-buyers-spend-18bn-on-accessories-in-first-two-years-of-ownership-but-dealers-leave-some-on-the-table-301474346.html * Car subsidies - https://usa.streetsblog.org/2022/02/09/study-car-ownership-costs-all-of-us-the-vehicle-owner-and-society/ * Parking debt service - https://madison.legistar.com/View.ashx?M=F&ID=11101803&GUID=13C56C59-1547-48D1-A825-6F6F5F104D94 * Parking spot estimate - https://www.fastcompany.com/90645900/america-has-eight-parking-spaces-for-every-car-heres-how-cities-are-rethinking-that-land * Parking costs for renters - https://la.streetsblog.org/2017/07/25/what-mandatory-parking-requirements-cost-l-a-renters/ * Suburban insolvency - https://www.strongtowns.org/the-growth-ponzi-scheme * Suburb transportation cost - https://www.itdp.org/2019/05/23/high-cost-transportation-united-states/ * Household expenses - https://www.bls.gov/opub/reports/consumer-expenditures/2020/home.htm * Low income family expenses - https://www.itdp.org/2019/05/23/high-cost-transportation-united-states/ * Percentage of time car parked - https://www.mobilitydisruptionframework.com/the-problem-of-automotive-inefficiency * Underwater loans - https://www.consumerreports.org/car-financing/many-americans-overpay-for-car-loans-a8076436935/ * Transportation costs - https://newsroom.aaa.com/2022/08/annual-cost-of-new-car-ownership-crosses-10k-mark/ * Historical rate of return - https://financial-calculators.com/historical-investment-calculator * Traffic - https://www.marketplace.org/2019/02/13/report-average-american-spends-equivalent-25-work-weeks-traffic/ * Commute - https://www.ridester.com/average-us-commute * Bus pass - https://www.statista.com/statistics/990891/us-average-monthly-passes-in-transit-mode-transport/ * Vehicles on road - https://www.statista.com/statistics/183505/number-of-vehicles-in-the-united-states-since-1990/ Music used in this episode: - Selected tracks by Kia Orion (https://www.youtube.com/watch?v=jvKki4LRdIU) - Selected tracks from the YouTube music library =========================== Clips used in this episode: Suburb drone - alexanderguelph Vegas - AndreConrad Rush hour - WeatherNews Amsterdam, work from home - Videvo LA traffic - ABC7 Chicago bus - Videezy Vancouver bus - CTV News Bus - Cityxscape SF bus - CBS News SF Train - LA Metro Dealership - Anthony Shkraba Mechanic - Artem Podres Biking - Rad Power Bikes Biking - Blue Bird Biking - C Technical Subaru - Erik McLean Woman with money - Karolina Grabowska Suburb, exhaust, police - Kelly Lacy Bus, exhaust - Mart Production Stop sign - Marta Wave Couple with money trouble - Mikhail Nilov Mazda6 - Ojyrai Parking - Oleh Shtohryn Carpool - Pavel Danilyuk Biking - Rodnae Productions LA traffic - Saul Lots of money -Tima Miroshnichenko Montreal, biking - German Korb