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Tuesday, May 3

Vehicles and the True Cost of Ownership: How Much is My Car Really Costing Me?

I drove more miles in my Pontiac G5 last month and in the first two days of May. I forgot to check the odometer while I was visiting Omaha so I've included the mileage from my drive home in my calculation for April.

I determined that each mile I drive costs me $.0867 in depreciation. In April I drove 4,448 miles. My vehicle depreciation expense was $385.64.

My 2009 car now has over 60,000 miles on it, and I am valuing it at $7,781.62 in Quickbooks, which I think is reasonably accurate.

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