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Auto Ownership Costs for Docs

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What are the Costs of Physician Automobile Ownership?

[By Staff Writers]

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Automobiles are generally the fourth largest expense of a physician’s household; right behind student loans and/or practice start up costs; and home ownership loans.

The largest automobile-related expense is purchase of the car, either in the form of a monthly payment or cash.  

Other expenses include gas [especially when over $3/gal], maintenance, repairs, taxes, and insurance. Insurance is generally the next largest expenses in the automobile category unless a large repair is necessary, a factor mostly dependent on the age and type of the car.

For some cars, repairs may be the second largest expense. Maintenance costs vary depending on such factors as the age and mechanical complexity of a vehicle. Generally, money spent on regular maintenance will reduce future repair costs. 

Like the cars themselves, auto leases are generally poor deals and are not investments; merely interest payments on a depreciating consumer asset.

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What do you think about the fascination of doctor’s with “luxury” automobiles? 

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7 Responses

  1. Nice little article on autos

    What are the costs of owning a boat?
    Anything special to look out for?

    Thanks.
    Dr. Marty

    Like

  2. What are the costs of owning a boat?
    Staff Writers

    The costs of owning a boat are about the same as owning a car except for a few additional expenses.

    These include cleaning the hull, mooring fees; purchasing and maintaining a trailer if needed, boat launch fees, and dry storage, etc.

    Best.
    Editors

    Like

  3. […] Read the rest of this great post for doctors and their autos, here […]

    Like

  4. Buy v. Auto Lease

    Remember that cars are depreciating assets. The second you drive a new car off the lot, you typically lose $5,000 to $10,000 of the value. Why put a significant chunk of your hard earned dough in something that you know you will lose money on?Instead of buying a new car, consider buying a used one and holding onto it as long as possible.

    Financially speaking, according to Dave Denniston CFA, buying a low-mileage used car (say with 20,000 to 50,000 miles on the odometer) and holding it for five years or more makes much more sense than leasing or buying new. I strongly suggest paying cash for a car. If you already have a high-interest car loan, consider paying it off as soon as possible. If you do decide to get a new car, remember that buying can be a better deal than leasing, especially if you hold on to the car for five years or more.

    If you lease a $20,000 car over three years at 6 percent interest and pay $1,000 down, the total cost over three years will be $12,600 plus the down payment.At the end of the lease, you will have paid $4,200 toward the principal of the loan and can either purchase the car or return it to the dealer. If you purchased the same $20,000 vehicle with the same down payment and finance it at 6 percent interest, you would pay $7,500 per year ($22,500, plus the down payment over three years).

    At the end of the loan period, you will own the car.If you look at the cost of leasing over 10 years (let’s say that you renew your lease every three years) and get the latest model car, the costs for leasing will be at least $42,000 plus down payments.

    Whereas, if you bought the car and held on to it, the cost will have been $22,500 plus regular maintenance. Buying rather than leasing would save you nearly $20,000.

    See more at: http://www.physicianspractice.com/blog/financial-planning-young-physicians-part-two#sthash.I6xRnTiQ.dpuf

    Leo

    Like

  5. BEWARE Auto Loans

    At more than $30,000, the average auto loan for a new car is at an all-time high, according to Experian. Also, at more than $500, the average monthly auto loan payment is at a record.

    The Experian research also noted that more subprime borrowers are borrowing for new auto purchases.

    Dr. Marty

    Like

  6. AUTO COSTS

    A $523 monthly payment is the new standard for car buyers.

    http://www.msn.com/en-us/money/markets/a-dollar523-monthly-payment-is-the-new-standard-for-car-buyers/ar-AAy3Fp9?li=BBnbfcL

    Dr. David E. Marcinko MBA

    Like

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