Cars are expensive, and living in a major city is going to add to that expense. How much is a car going to cost you in terms of money, time, and convenience? We will answer these questions by telling you what the cost of owning a car in Monument City amounts to and how much it will affect your wallet's thickness.
The short answer is - it depends. We know nobody likes that answer, so let's break it down further. The area of the city you will be living in and your vehicle's engine size will all play significant roles in determining what you will spend on average.
What Will be the Cost of the Car?
The first aspect to consider is what car you will be getting. What engine size, mileage, and fuel consumption does it offer? Of course, whichever car you use is up to you, so we have laid out an example to show the financial area we are referring to here.
Assuming you were looking to buy a pre-owned Toyota Corolla Sedan or a car of similar market value, you might be looking to invest around $18,000 in your transport.
What Is the "Urban Village Effect?"
The Urban Village Effect is the sense of comfort and ease of efficiency that one feels when owning a car in a major city. You will spend less time getting to work, school, or the gym - places are closer together and easier to get to.
Having this level of convenience is always a luxury. Still, your insurance will rise, your gasoline costs will become a budgetary concern, and parking tickets and towing may start to become a financial burden.
What Will the Cost of Services Be?
Oil changes, brake light replacements, and air conditioning repair are all factors to take into consideration when you’re considering your vehicle upkeep budget. Your car's service is a vital part of keeping your vehicle on the road and your life on track, so getting the necessary mechanical care that is required is a cost that you must factor in.
For the average repair job, you'll be looking at paying between $150-$550, so here's hoping you drive very carefully. But even the most cautious drivers will need to pay insurance each month also, and that will likely set you back between $100-$300, depending on your age and what car you drive.
What Will Be the Cost to Your Time?
This is one that most of us don't consider at first. The hit to your wallet is one thing, but what about all the time you're sitting in traffic? The commute to and from work is eating into your time as well as your gas money.
Within the inner city limits, 6.7% of the commuting times were 10 minutes long or less. Whereas the most commuting time was between 30-35 minutes and a disturbing 12.6% must endure regular 60-minute traffic jams or longer.
Living in this part of Maryland certainly is monumental, but with equally impressive costs to accompany it. The price of owning a car in this city may be higher than average, but so is the quality of life here.
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