Older cars come with higher maintenance costs and reliability issues. As you drive down the financing costs you're increasing the maintenance costs. Maintenance

Older cars come with higher maintenance costs and reliability issues. As you drive down the financing costs you're increasing the maintenance costs. Maintenance costs also come with aggravation costs, potential towing costs, using vacation time to deal with servicing a vehicle, and so forth. If you have no vehicle whatsoever and you need to get one, you're looking at $500-$600 per month in total costs to get something that's reasonably reliable. As I noted in another response those costs don't even include parking. I also didn't account for things vehicle registration costs and emissions testing costs. It all adds up to make vehicle ownership quite expensive. I'm not surprised at all that young people are re-thinking the premise of owning a vehicle.