Law High School

Question 4
A Identify at least three maior costs of owning a vehicle throughout a year.

Answers

Answer 1

Answer:

registration (basically a tax on owning and operating the vehicle and ensuring such is safe for public roads) assessed annually, insurance, taxes.

a few more: gasoline or electricity, upkeep of the vehicle (repairs, maintenance).  

Explanation:

all states require vehicles to be registered. some vehicles cost more than others.   Not all states require insurance; however, not carrying liability coverage on your vehicle could cost substantially more than the cost of vehicle insurance.  In states that do require insurance, proof of such is required for registration of your vehicle.   Taxes are generally paid to the state and the town where the vehicle is registered.

additional costs that may not apply to everyone:   vanity plates (personalized plates) and parking and toll fees.

Answer 2

Three significant expenses of owning a vehicle over the course of a year are the purchase price, operating costs, and loan interest fees.

What is the cost?

Cost can be defined as the price that is incurred by a company in making a product or service. there are various costs that a company applies like:

Variable costFixed costDirect cost

Owning a vehicle is not as easy as it sounds as there are various cost that comes with the vehicle like the purchasing cost which is different with every vehicle and model, if you took the car on loan then there is to be paid interest which depends upon the loan amount and the rate of interest as it is different in every bank.

Also, there is an operating cost which the car requires daily like cleaning, petrol or diesel or general repairs.

Learn more about costs, here:

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