{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"EP025 True Cost of Car Ownership","description":"Learning to drive and becoming a licensed driver is a fundamental life skill. Many teens and young adults anticipate with excitement owning their own car, sitting behind the wheel and driving with their friends to work, school, or activities. As young millionaires-in-the-making think about driving and car ownership, it\u2019s important to develop a financial plan that works and takes into consideration the additional expenses that are associated with car ownership.   On today\u2019s episode, I\u2019m discussing the true cost of owning a car. I\u2019ll highlight some of the key areas that many people often overlook when planning and budgeting to purchase their first car, some important statistics you need to know, as well as the benefits of paying off your car. I\u2019ll also share some alternative transportation ideas you can use while you save for your first car or other important things you want to purchase in the future.   \u201cWhen you\u2019re considering purchasing a car, be sure to factor in these seven car ownership costs.\u201d - Tracey Bissett   This Week on Young Money:   Automotive and car ownership statistics you need to know. The 7 key cost categories associated with car ownership. How much a new car depreciates when it leaves the dealership. Why a 20-year-old single man pays on average 23% more than a 20-year-old single female for car insurance. The average first-year total cost of owning a car. How car ownership costs may be reduced the longer you own the car. Alternative transportation strategies you can use while saving your money.   Alternative Transportation Options for Young Millionaires-in-the-Making:   Bus, subway, light rail transit, or street car Car sharing plans such as AutoShare or ZipCar Taxi, Uber, or Lyft services Carpool with friends Carpool with family Ride your bike Walk   Resources Mentioned:   YM002 Out of the Mouths of Young Money Masters YM006 What are Your Intentions...Financially Speaking with Jackie Porter YM020 Business Financing Tips with Sharon Connolly, VP at BDC YM021 Banking in the Digital Economy with Neil Durmenter, President and CEO of the Canadian Bankers Association YM024 Young, Fun and Financially Free with Leanna Haakons of Black Hawk Financial Rate, Share & Inspire Other Young Millionaires-in-the-Making  Thanks for tuning into the Young Money Podcast - the advice show for young millionaires-in-the-making! If you enjoyed this week\u2019s episode, head over to iTunes and leave us a rating and review. Don\u2019t forget to share your favorite episodes on social media!  Subscribe to the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our Linkedin Company Page, or by visiting our website.   ","author_name":"Young Money with Tracey Bissett","author_url":"http:\/\/ymwithtraceybissett.libsyn.com\/website","html":"