The True Cost of Owning a Car
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This video explores the full financial commitment of car ownership, revealing that the purchase price is only the beginning. Teens will learn to anticipate and manage ongoing expenses—insurance, fuel, maintenance, and depreciation—to make informed choices and avoid costly surprises.
Learning Objectives:
Upon completion of this module, students will:
- Identify all the major costs associated with buying and owning a car beyond the sticker price.
- Compare the pros and cons of purchasing with cash versus financing.
- Estimate annual maintenance and repair expenses and implement basic DIY upkeep.
- Understand different types of car insurance coverage and strategies to lower premiums.
- Develop a practical budget plan to save for and sustain vehicle ownership responsibly.
Curriculum
- 5 Sections
- 5 Lessons
- 10 Weeks
- The True Cost of Owning a Car IntroductionIntroduction of The True Cost of Owning a Car1
- Part 1Beyond the sale price, car ownership incurs sales tax, registration fees, insurance premiums, loan interest, fuel, maintenance, and rapid depreciation. Whether you choose new or used, each option carries distinct financial trade-offs that must be weighed against your budget and long-term goals.2
- Part 2Deciding between paying cash or taking out a loan shapes your financial future: cash purchases avoid interest but may limit your car’s quality, while financing lets you drive newer models at the cost of long-term debt. Smart saving habits—like setting clear goals, finding side income, and negotiating prices—can help you afford a reliable, stress-free vehicle.2
- Part 3Routine maintenance—oil changes, tire rotations, brake servicing, fluid checks, and battery replacements—averages $1,000–$2,000 annually but prevents breakdowns and pricier repairs. Learning basic DIY tasks, buying discounted parts, and adhering to a maintenance budget ensures your car stays road-ready without draining your wallet.2
- Part 4Car insurance is mandatory and protects against accidents, injuries, and damage, but rates for teen drivers can reach $200–$400 per month. By understanding liability, collision, comprehensive, and other coverages, and by leveraging discounts, safe-driving courses, and higher deductibles, you can secure essential protection at a lower cost.2
Will
With over 10 years of experience in Marketing, starting in the casino industry, Teacher Will has been involved in the creation and management of a financial budget on a corporate level. Most recently, his love of finance led him to work in both the financial and crypto industries respectively, while also working as an educator. Teacher Will is a dynamic financial literacy teacher who uses real-world simulations and hands-on projects to engage his students. He incorporates mock stock markets, budgeting games, and financial planning challenges to make abstract concepts practical and relatable. He emphasizes critical thinking, personal accountability, and real-life application over simple memorization.
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