ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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insurance
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repairs
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gas
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all of these
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Detailed explanation-1: -In the years ahead, additional costs will be added to the list, including charges such as Registration Tax, Road Tax, Car Insurance Premium, Car Loan EMIs, if any, monthly fuel expenses, auto maintenance, and servicing costs.
Detailed explanation-2: -Car prices in India range between Rs. 3.39 lakh (Maruti Suzuki Alto) and Rs. 4.17 crore (Land Rover Range Rover). There are around 16 car manufacturers in India who manufacture cars of different models, with different prices.
Detailed explanation-3: -You will see your car depreciate rapidly if you have not been keeping up with regular maintenance and repairs. The most expensive part of a car is the repair cost after only two or three years of use and the depreciation added. New cars end up depreciating faster than older cars.
Detailed explanation-4: -How do you calculate the total cost of ownership? The formula to calculate the total cost of ownership is to add the initial purchase value to all hidden costs and subtract a possible resale value or residual value in the end.
Detailed explanation-5: -Car ownership is the ownership of a car. Car ownership typically requires far fewer permits than driving that car on public roads (i.e. driver’s license, car insurance, etc.).