William Meyer bought a used car for $6,500 two years ago. He spent $1,299 for gas, $160 for oil changes, $209 for maintenance, and $200 for two new tires. He paid $657 for insurance and $158 for registration and licenses. He calculates the car has depreciated by about $2,100. William also drove the car a total of 16,789 miles and estimates that its present value is $4,400. What was the cost per mile for William to operate and maintain his car?
Accepted Solution
A:
Answer: The cost for driving and maintaining Williams car was about 28 cents per mile.
To start, lets add up all the costs involved with the car (don't forget to include the depreciation).
1299 + 160 + 209 + 657 + 158 + 2100 = 4783
It cost William $4,783 to operate his car. Next, divide that by the total number of miles that he drove.