A financial study released this year laid it all out for U.S. consumers: the average American will spend about $3.3 million in their lifetime. As you might guess, certain sweat-inducing expenses take up the majority of that number. Cars are one of them.
According to the study, if the average American buys their first car at age 17 and then purchases a different vehicle every six years, they’ll own about 10 cars in their lifetime. As such, the associated total costs of driving in the U.S. are somewhat staggering: $470,000.
For perspective, this is about the same as what the average American will spend on their children.
