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9. Calculate the maintenance cost per year by going to Edmunds True Cost to Own Your Car Website. Divide the 5Yr Total maintenance amount by
9. Calculate the maintenance cost per year by going to Edmunds True Cost to Own Your Car Website. Divide the 5Yr Total maintenance amount by 5 to get the average annual cost. Include your work in the middle column of the table and your one year maintenance cost in the right column. 10. Calculate fuel costs based on your car's average MPG (look it up!) and the average cost of a gallon of gas (\$3.36/gallon). You will need to estimate how many miles you drive per year. If you have no idea, you can you use 12,000 miles, which is the national average. 11. (\& 12) Calculate the county and city/municipal taxes. Tax rate schedules for all counties and municipalities can be found on the Internet (search for property tax rates). However, for this project, we will assume that everyone lives in Mecklenburg County and the city of Charlotte. Use the following rates: Mecklenburg has a tax of $0.8157 per $100 of the car's value and Charlotte has a tax of $0.437 per $100 of the car's value. For example, if your car has a value of $12,000, then the Mecklenburg county tax is ($0.8157)(12,000/100)=$97.88. 13. Calculate the Yearly Total (rows 6 through 12: the sum of yearly payments, insurance, DMV fee, maintenance, fuel, and taxes,). 14. Calculate the Grand Total(over entire length of loan): (Yearly Total times \# years of loan, plus down payment)
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