New Study Finds Drivers Underestimate the Annual Cost of Car Ownership by More Than $4,500

Drivers Underestimate the Annual Cost of Car Ownership by More Than $4,500, New Synchrony Survey Finds

Understanding Actual Costs Helps Car Owners Better Plan for Expenses and Manage Budgets Key Highlights: Car owners dramatically underestimate the cost of car ownership and should prepare for the full scope of vehicle expenses. Rising costs are shifting consumer behavior, …

New Study Finds Drivers Underestimate the Annual Cost of Car Ownership by More Than $4,500

stefanamer/iStockphotoAccording to a recent study, drivers significantly underestimate the annual cost of car ownership, paying about 167% more than they expected. This discrepancy between projected and actual expenses may negatively affect household budgets and reduce consumer spending in other areas. In a Cost of Car Ownership Survey of 1,030 consumers aged 18+ from around the United States, conducted by consumer financing company Synchrony, c…