Agassi calculates that "the cost of the average used car in Europe
is now cheaper than the cost of gasoline to drive it for a year":
An average clunker across Europe, and there should be 100M or so cars in
Europe over the age of 8, is probably worth less than $5,000 to buy. Refueling
it for a year at 20 mpg, which is where the European fleet was on performance
10 years ago requires an average of 600+ gallons. As a result the average
used car owner will pay more than $5,000 for car energy supply for one year
– more than the car is worth.
(Via Anderson)