Total cost of ownership for a personal vehicle

Compare the total cost of ownership for the purchase of two personal vehicles of your choice (use two that are currently for sale!). One vehicle should be a new car, while the second should be a used car that would serve as a reasonable substitute for the new car (i.e. don't compare a Civic and Tahoe... you don't have to compare the same exact vehicle model, but make sure they are in the same 'class').

What costs should you include?Maintenance/repairs, motor vehicle taxes, insurance, fuel... plus anything else you believe is relevant. This is going to requireextra research, including things such asmiles per gallon calculations, typical maintenance/repair needs, average insurance costs, and local motor vehicle tax information.

Also considerhow long you expect your ownership period to be... will you drive the vehicles until they fall apart? Or will you trade it in after several years? Regardless of which you choose, you should estimate a salvage value at the end of your ownership period (again, this salvage value estimate will require some research into expected resale values).