The costs of owning a car can be steep, but they’re entirely necessary when you’re working every day. However, learning to get by on just one car or selling your ride and taking mass transit can lead to major savings. Per the Bureau of Labor Statistics, the annual cost of owning a car — once you’ve factored in insurance, repairs and gas — comes to $4,064, which would cover the cost of all of your coffees, clothes, ride-hailing trips, drinks at the bar and concerts. If you can eliminate a second car, it could mean saving a lot of cash.
Savings Subtotal: $6,530.86
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