6.8% Decline in Annual Automobile Ownership Cost foreseen in 2020
To understand what the future holds for ownership cost of a vehicle – it helps to look back the cost of automobile ownership over the years. If we look at prior recessions periods we see a 5% drop in Annual “Total Cost of ownership of a vehicle”. This year given lower oil prices and pandemic considerations – we foresee the annual vehicle ownership cost to drop to an average of $8,646/ Year.
For 2020 we project the Annual Cost of ownership to be $8,646/year ($720/month) – including Gas, Insurance, Maintenance, Fixed Payments etc. for an avg of 15,000 miles driven.
For 2019 the Annual ownership cost was in $9,282 / year ( $773/Month ) – variable and fixed – for an average of 15,000 miles driven.
CarDr.com foresees a 6.8% Decline in Automobile Prices in 2020
About CarDr.com Inc: CarDr.com Provides Used Car Inspections – Using an Exhaust APP based Inspection performed by Professional Inspectors, overseen by AI that connects to the Vehicle’s OBD and compares the diagnostics to it’s peers.
CarDr.com Inc is a Chicago based company with a National Coverage Footprint. Learn more about our Vehicle Inspection Coverage Area
CarDr.com Provides Used Car Inspections Nationwide – Using a Exhaust APP based Inspection performed by Professional Inspectors, overseen by AI that connects to the Vehicle’s OBD and compares the diagnostics to it’s peers.
The Graph above is based on Data from the BUREAU OF TRANSPORTATION STATISTICS.The 2020 predictions are forecast based on our internal research of past years