The Germans are a driving nation. According to the Federal Motor Transport Authority, over 2.6 million vehicles were newly registered in 2021. But how do you correctly estimate the costs involved?
The variety on the car market is overwhelming. Accordingly, many factors play a role in a purchase decision: the brand, the vehicle type, the color or the type of drive. But many car buyers underestimate the running costs that arise for a new car. This is what a study by researchers at RWI found – Leibniz-Institute for Economic Research, the University of Mannheim and Yale University have now been determined. The study was funded by the Mercator Foundation and was published in the journal “Nature”.
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Car buyers greatly underestimate themselves
According to this, German drivers underestimate the total cost of their car by up to 50 percent. Expressed in euros, this is an average of 221 euros per month. Above all, the loss in value of the car is underestimated. However, the costs of diesel or gasoline are largely assessed correctly by consumers, as the authors of the study write.
“Many consumers would be more likely to rely on electric cars or public transport if they took the true costs of a conventional car into account,” said Mark A. Andor, RWI environmental economist and study author, according to the magazine “International Transport”.
How do you correctly estimate the costs?
In order to obtain the most accurate cost breakdown possible, four items must be considered: purchase price, fixed costs, operating costs and loss of value.
If you can’t or don’t want to pay the full purchase price of a new car, you have to finance your car with a monthly payment. In this case, one-off special payments may be added at the end of the term.
Regardless of whether the car is in the garage or being driven, there are always fixed costs. In addition to vehicle tax, these also include liability or comprehensive insurance.
The operating costs vary depending on the intensity of use of the vehicle. This primarily includes fuel costs. But expenses for engine oil, tires, brakes and other wear parts must also be taken into account here. The same applies to the costs of any repairs in a car repair shop.
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Most car owners also underestimate the permanent loss in value of a car. According to Allianz calculations, a car loses around a quarter of its list price in the first year. A three-year-old vehicle is only worth around 50 percent of its list price when sold.
Editorial team finanzen.net
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