Note: All national average series are based on authors' calculations using data from the Consumer Expenditure Surveys. Both the nonparametric-depreciation series (nonlinear) and the constant-geometric-depreciation series (linear) include depreciation, interest components (opportunity cost), and recurring expenditures, such as maintenance and repair, vehicle insurance, and other operating costs spent on inspection, registration, and property tax. The expenditure series includes automobile net purchase prices and recurring costs, but the interest component is not included for comparison purposes. These data sets are seasonally adjusted and adjusted for business use.

Source: U.S. Bureau of Labor Statistics.