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Americans Spend More on Cars in Lifetime than Social Security

GREAT BARRINGTON, Mass. - The average American spends more than a quarter million dollars on automobiles over the course of their driving lifetime. That figure, reported by the American Institute for Economic Research (AIER) and which includes vehicles, fuel, insurance, maintenance, repairs, and license and registration fees, is twice what...

By Staff Writer | Updated on January 11, 2005

GREAT BARRINGTON, Mass. – The average American spends more than a quarter million dollars on automobiles over the course of their driving lifetime. That figure, reported by the American Institute for Economic Research (AIER) and which includes vehicles, fuel, insurance, maintenance, repairs, and license and registration fees, is twice what Americans contribute to pensions or social security; four times the amount they spend on out-of-pocket health care costs; and more than four times the amount they spend on education. The AIER study was published in the AIER book, “What Your Car Really Costs: How to Keep a Financially Safe Driving Record.”

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