The car costs more than a house: this is the total expense over a lifetime
Throughout life, owning a car costs an average of 496,400 euros, more than a single-family home in Europe. The purchase price has skyrocketed by 91% in recent years, and almost all associated costs have risen.
The car is an element that mixes passion with functionality. It takes us from point A to point B, but often the passage of time makes us seek something new, whether for design, technology, or changes in our lives. The question is that its use, and the purchase of each car, adds up to a capital that at the end of our lives represents a much larger figure than we think. Much larger.
Obviously, each case is unique, but a new study conducted by the German portal LeasingMarkt.de puts figures to something that many suspected: over a lifetime, a car costs more than the average single-family home in Europe. The total sum, considering purchase, fuel, insurance, maintenance, and other associated expenses, reaches 496,400 euros, which is almost 9,000 euros per year. In comparison, a 120 m² house costs an average of 340,560 euros.
The estimate is based on data from ADAC and the German Federal Statistical Institute, considering that a person drives for 54 years, during which they acquire three new cars and five used ones. Compared to the 336,500 euros that mobility cost just over a decade ago, the increase has been 48%, confirming that driving has become much more expensive than other aspects of daily life.
Buying, refueling, insuring… everything costs more (except washing it)
The data reveals that the biggest jump has been in the purchase price of cars, which has risen by 91% since 2012. A mid-range model cost 116,900 euros over the useful life of the driver; now, that figure has risen to 223,600 euros. This is followed by increases in insurance and maintenance, with increases of 35% and 44% respectively. Surprisingly, the cost of fuel has only risen by 8%, and the costs of washing and caring for the vehicle are now 20% lower than they were 13 years ago.
Other costs such as parking or renting a parking space have also risen considerably (+46%), leaving little room for savings in private mobility, at least in ownership.
Moreover, the report analyzes spending according to the type of car: compact and urban cars, which used to be more economical, have recorded the highest percentage increase. In their case, the purchase cost has grown by 94%, due to the disappearance of cheaper models from the market. This, combined with the increase in insurance prices (due to the greater technological burden even in the smallest cars), explains why costs rise even when choosing a modest car.
On the other hand, the study provides an interesting key: leasing is cheaper than traditional buying over a lifetime.
In figures, leasing payments would total 191,200 euros over 54 years, compared to 223,600 euros for purchased cars. The savings are particularly notable in the high-end segment, while in the mid-range segment the difference is smaller. According to experts, those who have a clear idea of their annual mileage and accept the fixed terms of contracts can save in the long run, especially if they value changing cars frequently.
In summary, the car is no longer just a one-time or monthly expense, but a financial commitment of half a million euros over a lifetime. A figure that gives pause for thought, especially when compared to the cost of a home.
Fuente: LeasingMarkt.de