ownership cost

Ownership cost refers to the total expenses associated with owning an asset, such as a car, home, or business equipment. It includes direct costs like purchase price, insurance, maintenance, and repairs, as well as indirect costs like financing interest, depreciation, and taxes. Understanding ownership cost helps individuals and businesses make informed decisions by considering all expenses involved over the asset's lifespan, beyond just the initial purchase price. It provides a comprehensive view of what it truly costs to keep and use an asset, ensuring better budgeting and financial planning.