# The True Cost of Car Ownership Worksheet

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C HAP T E R 4
Foundations in Personal Finance High School Edition
The True Cost of Ownership
Part One
1. Research a new car and complete the new car chart below.
2. Research the same make of car but one that is two years older and complete the two-year-old car chart.
New Car: Honda Civic LX 2019
Category
1
st
Year of
Ownership
2
nd
Year of
Ownership
3
rd
Year of
Ownership
4
th
Year of
Ownership
Total
Depreciation
1709
1502
1422
2667
9879
Insurance
689
713
738
764
3695
Taxes/Fees
1332
24
24
24
1428
Fuel
1006
1036
1067
1099
5340
Maintenance
144
551
384
924
3202
Two-Year-Old Car: Honda Civic LX 2017
Category
1
st
Year of
Ownership
2
nd
Year of
Ownership
3
rd
Year of
Ownership
4
th
Year of
Ownership
Total
Depreciation
3337
1312
1155
1024
7747
Insurance
683
703
725
746
3626
Taxes/Fees
1012
24
24
24
1108
Fuel
957
1003
1028
1033
5060
Maintenance
193
204
102
602
1804
Part Two
1. Use the information from Part One to complete the chart below.
To calculate savings: New Car category cost Two-Year-Old Car category cost = Savings
Example: If the depreciation of a new car was \$16,393 and a two-year-old car depreciation was \$8,929,
the savings would be \$7,464. (\$16,393 - \$8,929 = \$7,464)
To calculate the percent difference: Savings / New Car category cost = Percent Difference
Example: If the depreciation of a new car was \$16,393 and the savings is \$7,464, the percent difference is
46%. (\$16,393 / \$7,464 = 46%)
Category
New Car Totals
Two-Years-Older Car
Savings
Percent Difference
Depreciation
9879
7747
2132
21.6%
Insurance
3695
3636
59
1.6%
Taxes/Fees
1428
1108
320
22.4%
Fuel
5340
5060
280
5.2%
Maintenance
3202
1804
1398
43.7%
Answer the following questions based on your research and the information in the chart:
1. How much does it cost per mile to drive the car? (Use an annual mileage of 15,000 miles.)
2. How much could you save by buying the two-years-older model?
3. What is your savings expressed in percentagFe for each category?
4. In which categories do you see the biggest loss?
5. Why is there not much change in the other categories? What does that tell you about the older model?

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The True Cost of Ownership Part One 1. Research a new car and complete the new car chart below. 2. Research the same make of car but one that is two years older and complete the two-year-old car chart. New Car: Honda Civic LX 2019 1st Year of Category Ownership Depreciation 1709 Insurance 689 Taxes/ ...
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