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this post was submitted on 24 Aug 2023
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That's totally absurd. I drive a British made car that falls apart if you even so much as look at it the wrong way in the morning, and there's no way in hell my outlay would be that, even over 20 years, even factoring in FV and whatever else. Hell, my mortgage and total house outlay costs over a 30 year period probably wouldn't be that. Bananas numbers.
I cant find anything to back them up either.
My RAV4 was $30k, took a loan on it for about 25k, no interest, it's paid off. In terms of maintenance I've put ~$10k on it over time.
It gets 22mpg, and I drive <10k miles a year. Currently at 53k miles, that gives us ~2410 gallons of gas. I'll be generous to account for the spikes in gas prices and say it was $4/gallon -> $9640. At 6 ish years, that's now ~$60k It's a Toyota so I expect it will last a while. Taxes started at $400/year and are now $150/year. That's about a cost of $10k/year. In the unlikely scenario I keep it for 20 years, I might hit $200k over its lifetime.
If people are spending €1.5m over the lifetime of their cars, they are getting scammed