Reducing Car Ownership Increases Income Spent in Local Economy

The National Building Museum released a fascinating infographic regarding car ownership and its relationship spending in the local economy.  Based on AAA Annual Cost of Ownership report, the annual cost to own a vehicle is $8,485, including all expenses, like loan payments, fuel, maintenance, insurance, and registration fees.  The NBM estimates that 84% of this cost is sent out of the vehicle's local economy.  Removing this vehicle from the road would keep that money in the local economy.  Between 2005 and 2009, Washington DC increased its population by 15,892 people while decreasing vehicle registrations by 15,000.

Source: National Building Museum

Link to infographic at NBM.