The cost of owning a car in the United States is getting so expensive, it is becoming impractical. Unfortunately, our government has raised the prices of everything in the industry so far, that even the cheaper budget cars are becoming unaffordable. For that reason, the Used car industry has truly begun to shine. Most of the people I know are driving a used car, myself included. With that said, for the sake of the writing, I chose a used Jeep Grand Cherokee from 1997. They are reasonably priced and are almost everywhere in my area.
Now as for the cost, the Jeep is about $4,000. since the Car is 27 years old, there will be repairs and regular maintence of course.
Since the Jeep is 4,000 dollars, and I would put 25% down,($1000), that would mean for 4 years I would have a monthly payment of about $68. That’s fairly affordable and easier to pay than most cars. The average person, including myself, drives an average of 13,000 miles a year. The Jeep Grand Cherokee requires an oil change every 10,000 miles, or 12 months. According to various sources on the internet a oil change would cost 50 up to $150. As for fuel, the Grand Cherokee gets roughly 17 Miles per gallon. The tank holds roughly 23 gallons. I would have to fill it up twice a month and that would come out to about $146.
In conclusion, I would buy a 1997 Jeep Grand Cherokee for $4000. I would put a 25% down payment on the car and pay $68 a month. Gas would cost $146 a month and at the end of the year I would have $150 oil change. All together, a standard monthly expense on the car would be $218. At the end of the year, it would be $368.
JBSchool 