Parking Permit (1 quarter) $254.76
Car Insurance (3 months) $160.75
Gas (700mi @ 25mpg, $2.80/gal) $ 80.00
Interest (18k @ 5% for 3 months) $225.00
Total $720.51
So if I buy a car during spring break and keep it on campus for spring quarter, I would pay around $720 more than if I bought it when I graduate. That's a good amount of money, so maybe I shouldn't buy a car just yet...
4 comments:
As a dorm resident, can't you get parking for $50/month or something?
I actually asked if there was such a discount, but there isn't. The $50 thing you're thinking of may be the carpool permit.
You forgot a 3-mo depreciation and the opportunity cost.
I think the interest i could have earned with the money is the same as the opportunity cost, so I did take it into account. You are right about the depreciation though, according to this, I think it would be about $1500.
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