In 2011, the Dept. of Labor’s Bureau of Labor Statistics compiled data from Christian car buyers throughout the United-States. Results are in, and it turns out Christians prefer new vehicles over used ones.
In the U.S. car ownership cost is the second largest household expense after rent or mortgage. Statistics show American Christians spend more on their cars as they do on food.
Since 2002, auto financing among Christian households has escalated from an average $235.oo per month to a whopping $310.00 monthly, a 32% increase.
Owning a new car certainly has its privileges. Most car owners stop at their monthly payment to evaluate their overall vehicle costs. But there’s a lot more to owning a car than financing.
- Insurance Premiums
Christian motorists in America assume their auto insurance premiums are based on their driving record. The fact is, most insurance companies in the U.S. first consider vehicle type, make, model and year. A flashy yellow sports convertible is likely to cost twice as much to insure as a family sedan.
- Fuel Efficiency
Over 85% or American drivers ignore rising gas prices when evaluating car costs, consequently resulting in huge expenses over time. Statistics show daily commuting on board a 4-cylinder car will cost thousands of dollars less than a V8 powered sports utility vehicle. Since the average American drives approximately 10,000 to 12,000 miles each year, a smaller power plant in a fuel efficient car can save as much as $220.00 per month.
- Repairs And Regular Maintenance
Car warranties do not cover everything under the sun. American motorists believe their car warranties will pay for every single issue they’ll have while making payments on their vehicle. This misconception is too often at the root of bad surprises when issues such as tire wear sneak up on drivers. In many cases, replacing tires will cost as much as $650.00 every 3-4 years, which does add up quite a bit over the life span of any car, SUV or truck.
Lastly, the most expensive vehicle cost of all: depreciation. While most American Christians fully understand the concept of depreciation, few factor this variable in their decision making when purchasing a new car. Statistics show most cars, SUVs and trucks depreciate by at least 50% during the first 4-5 years. New cars are not investments, they are a huge expense every car buyer should carefully evaluate when considering purchasing a vehicle.