Support our online development, and advance our onground research initiatives in free market economics, as we seek to showcase the brightest Next-Gen minds.
THE ME-P DISCLAIMER: Posts, comments and opinions do not necessarily represent iMBA, Inc., but become our property after submission. Copyright © 2006 to-date. iMBA, Inc allows colleges, universities, medical and financial professionals and related clinics, hospitals and non-profit healthcare organizations to distribute our proprietary essays, photos, videos, audios and other documents; etc. However, please review copyright and usage information for each individual asset before submission to us, and/or placement on your publication or web site. Attestation references, citations and/or back-links are required. All other assets are property of the individual copyright holder.
The First Ten Thousand Miles is the Most Expensive
By Dr. David Edward Marcinko MBA FACFAS CMP™
[Editor-in-Chief]
With the July Fourth Holiday behind us, America’s summer long vacation road-trips begin.
But, anyone looking to buy a new car should be well aware that the cost of a car doesn’t end at the purchase price.
Other Factors
For example, you must consider additional concerns such as: depreciation, fuel costs, insurance, maintenance and repair, invoicing and sales tax.
***
***
To help potential buyers with their purchases, we’ve put together the above infographic that outlines the real cost of ownership of various types of cars.
Source: www.insurancequotes.org
And, always let some other fool take the depreciation hit; buy previously owned [a.k.a. used] cars.
Assessment
Anyone who is a regular reader of the ME-P knows about my vintage 2000 Jaguar XJ-V8-LWB European touring sedan built in Coventy, England. She is a beauty who has never known rain, winter or snow. Mostly highway miles, always garaged. She not only clicks – she ROARs!
Conclusion
Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.
Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos
Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com
OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:
- DICTIONARIES: http://www.springerpub.com/Search/marcinko
- PHYSICIANS: www.MedicalBusinessAdvisors.com
- PRACTICES: www.BusinessofMedicalPractice.com
- HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
- CLINICS: http://www.crcpress.com/product/isbn/9781439879900
- ADVISORS: www.CertifiedMedicalPlanner.org
- BLOG: www.MedicalExecutivePost.com
- FINANCE:Financial Planning for Physicians and Advisors
- INSURANCE:Risk Management and Insurance Strategies for Physicians and Advisors
Share this:
Filed under: Financial Planning, LifeStyle | Tagged: Dr. David Edward Marcinko MBA, Jaguar, new cars, previously owned cars, True Cost of Automobile Ownership, used cars |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Your car is wrecking your retirement
Dr. Marcinko – You are correct. As a financial advisor, I have far too many physician clients who overspend for their automobiles.
http://money.msn.com/retirement/your-car-is-wrecking-your-retirement
So, if you are having trouble saving for your golden years, take a look at the wealth destroyer parked in your driveway.
Zeke
LikeLike
12 easy ways to cut automotive costs
Tips that will save you money and wear and tear on your vehicle.
http://editorial.autos.msn.com/12-easy-ways-to-cut-automotive-costs?icid=autos_3840
Zeke
LikeLike
Nine Grand?
The cost of driving is going up, but it’s maintenance, not gasoline, that’s now taking the biggest share of your driving dollars.
http://editorial.autos.msn.com/blogs/autosblogpost-ros.aspx?post=6eb728b8-1be9-45ad-9876-10b72b3cf54d&icid=autos_4200
Dr. David Edward Marcinko MBA
LikeLike
Driving Costs
Dr. Marcinko – Hopefully everyone realizes that operating any car is expensive, but costs can be reduced if you are practical rather than emotional when buying a car.
Buy what you need, not what you want, shop for a good used car rather than new and have it inspected by an independent mechanic before purchase. Read consumer reports, owners forums, etc on what makes, years, and models are reliable and cost of maintenance & repairs.
There are some really nice and shiny looking clunkers for sale out there that you have to avoid. Once you have your car, shop around for insurance, drive conservatively, and have your car inspected & serviced on a regular basis. It is normally cheaper to fix something before it is totally worn out or breaks. When buying, look at the mpg, is it worth the premium costs, what kind of maintenance does it require, and how often.
I bought an older gas hog that is easy & cheap to service, in near perfect condition … for cheap … because of the low mpg. But, I only drive around 200 miles a month so gas is not the major issue. If you drive 2,000+ miles a month my car would be horrible for you.
Happy Holidays!
Leonard
LikeLike
Use the Internet to research prices
[AutoMD]
The Internet is an equalizer for many industries, and that’s true of the auto repair industry. Before the Web, doctors and consumers had to accept the rate a mechanic was charging, but that is no longer the case. There are tons of websites dedicated to giving consumers the ability to compare prices from one mechanic to the next.
Take AutoMD; for example. This website lets users get the prices for repairs from multiple repair shops using the same parts.
But, according to many experts, the reason prices vary is because mechanics use different parts. So, compare “apples with apples”, when possible.
Dr. Kendall
LikeLike
Repair Costs
Agreed Dr. Kendall – Although you likely compare prices to find the best deal when you purchase big-ticket items; you should also do the same when getting your car repaired.
You can get a good idea how much common repairs cost in your area by using sites such as AutoMD.com and RepairPal. These sites also can help you find a mechanic from their database of vetted repair shops.
AAA also has a list of auto repair facilities that meet its guidelines. Get written estimates from several shops with ASE certified technicians – which means they have been tested and certified by the National Institute for Automotive Service Excellence.
Webber
LikeLike
Haggling for New Cars?
Car dealerships, unlike many other retailers, expect you to haggle. It’s built into their price tags. So if you pay the sticker price for any new or used vehicle, basically ever, you’re getting hoodwinked.
When you walk into a dealership, prepare to haggle over just about everything — from the trade-in value of your car to the price of the car you’re buying to extras like warranties, and financing. You’ll also have more leverage if you have cash, but even cash-strapped buyers can and should negotiate at the dealership.
Just don’t let em’ know you’ve got the cash; and bargain HARD.
Zeke
LikeLike