Total Cost of Ownership
Planning & BudgetingThe complete cost of owning an asset over its lifetime, including purchase price, maintenance, insurance, taxes, and depreciation.
Example
Example: For someone earning $60,000/year trying to build a solid financial plan, understanding total cost of ownership is a key piece of the puzzle. Applied to a monthly budget, this concept could help you save an extra $200-$500/month. Build your plan with our 50/30/20 budget calculator.