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Steve O.

asked • 01/09/16

What is the cost of these cars?

Suppose that you drive, on average, 160 miles per week to commute to work and usual activities. With gas prices at $4.50 per gallon, you are considering buying a new fuel efficient car, and want to know if it would be financially worth it. You currently own an older pickup that is paid for. It gets 13 miles per gallon for average fuel efficiency. It has been a great vehicle, but with its age it needs repairs and maintenance that average $850 per year (as long as nothing serious goes wrong). You are considering buying a newer import car that will cost a total of $11500 over a three-year loan process. The newer car gets 40 miles per gallon and would only require an average of $15 per month for general maintenance. Assuming the 52 weeks to a year, quantify the total costs (gas, maintenance/repairs, purchase) for each scenario over the three years .What is the total cost for three years for both cars?

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