The real cost of owning a car is larger than the fuel bill or loan payment. A useful comparison includes the value the car loses, the cost of financing it and every recurring expense required to keep it on the road.

Use the car cost calculator for Greece for your own numbers. This guide explains the method so that you can check the result and compare ownership with public transport, taxis or car sharing on the same basis.

The seven costs to include

1. Depreciation

Depreciation is purchase price minus expected resale value:

Depreciation = purchase price − resale value

It is usually the largest cost of a newer car even though no monthly invoice appears in your bank account. Use actual listings for the same model, age, mileage and condition rather than a universal percentage.

2. Financing

When comparing the economic cost of ownership, count loan interest and fees—not the full loan principal on top of the purchase price. Counting both the purchase price and principal repayments would count the same cost twice.

3. Fuel or electricity

For a petrol or diesel car:

annual fuel cost = kilometres per year × litres per 100 km ÷ 100 × price per litre

For an electric car, replace fuel consumption with kWh per 100 km and use the blended price actually paid across home and public charging.

4. Insurance

Use your quoted annual premium. Driver age, claim history, location, cover level and vehicle value can make generic averages misleading.

5. Maintenance, repairs and tyres

Separate predictable service from a reserve for irregular repairs and tyres. An older vehicle may have little depreciation but a larger repair reserve.

6. Road tax and MOT

Use the amount for the specific registration year and emissions or engine category. The AADE road-tax service is the authoritative place to check the charge.

7. Parking and other use costs

Include paid parking, resident permits, tolls, washing and any garage rent when they are part of normal use. Keep optional trips separate if you are comparing transport alternatives.

Worked five-year example

The following is an illustrative model, not a market quote. Replace every input with your own:

Cost over five yearsExample amountShare
Depreciation (€25,000 purchase, €11,000 resale)€14,00040.6%
Fuel€9,30026.9%
Loan interest and fees€5,49215.9%
Insurance€2,5007.2%
Maintenance and repairs€2,5007.2%
Road tax and MOT€7252.1%
Total ownership cost€34,517100%

That equals approximately €6,903 per year or €575 per month, before parking and tolls. The resale value has already been included through depreciation, so it must not be subtracted again.

Five-year ownership cost example for a 25,000 euro car: 14,000 depreciation, 9,300 fuel, 5,492 financing, 2,500 insurance, 2,500 maintenance and 725 road tax and MOT.

Compare alternatives fairly

Use the same time period and travel requirement for each option:

  • Public transport: passes plus occasional taxi or rental-car journeys.
  • Taxi: actual trip mix, including minimum charges and waiting time—not simply every annual kilometre multiplied by one tariff.
  • Car sharing or rental: membership, time and distance charges plus trips outside the service area.
  • Used car: lower depreciation but a realistic repair and downtime reserve.
  • Electric car: charging mix, purchase price, resale uncertainty and any scheme for which you are actually eligible.

The cheapest option on paper may not meet the same schedule, family or accessibility needs. Record those constraints separately instead of hiding them inside an inflated cost estimate.

Avoid these common mistakes

  1. Counting both purchase price and depreciation.
  2. Counting loan principal twice.
  3. Assuming the advertised fuel-consumption figure matches real use.
  4. Omitting resale value, tyres, parking or major-service reserves.
  5. Comparing a car used every day with an unrealistic all-taxi scenario.
  6. Using a national average when you already have an insurance quote or actual fuel receipts.

Build your own estimate

Start with annual kilometres and the number of years you expect to keep the vehicle. Then enter purchase and resale value, financing, energy use and recurring costs in the Taliro car cost calculator. Test a low, central and high resale-value scenario because depreciation is usually the most uncertain input.

Sources

Method and arithmetic reviewed on 3 September 2026. Prices in the worked example are illustrative and should be replaced with current quotes.