The True Cost of Cars

Ben and Pete explore the true costs of owning a car, from financing and depreciation to fuel, maintenance, and tax. They compare buying new versus used and unpack Aussie car trends, road safety, and environmental impacts. Pete also reflects on financial contentment and how our choices shape our lives. 

Key Takeaways:

• Consider comprehensive costs of car ownership, from purchase to maintenance and eventual resale or trade-in value.
• Weigh the benefits of new versus used cars, especially in light of recent economic changes affecting vehicle markets.
• Analyze personal needs versus wants when determining the necessity of a first or second car.
• Explore alternative transportation methods and consider them in the broader context of personal finance strategies.
• Contentment and financial peace are key in making thoughtful decisions that align with personal values and current financial capabilities.

Notable Quotes:

• “The cost of owning a car is not just about the purchase price; it includes registration, insurance, fuel, repairs, and depreciation.” - Pete Burrows

• “We had the finances available to buy the car without taking a loan, which made the new car option more appealing.” - Ben McEachen

• “You can't forget the full cost of ownership of a car. It's not just the running costs; it's what you're going to lose when you trade it in or sell it.” - Pete Burrows

• “Many people overlook the financing and opportunity cost of what they could have done with the money spent on a car.” - Pete Burrows

• “In Australia, we are still a relatively car-obsessed country, often overlooking our beliefs and values when it comes to purchasing vehicles.” - Ben McEachen

 

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