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5 min read Published September 15, 2022
Written by Allison Martin Written by
Allison Martin’s work started over 10 years ago as a digital content strategist. She’s been published in numerous prestigious financial media outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to control their finances by providing precise, well-researched and detailed facts that break down otherwise complex topics into manageable bites.
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Although the price tag of a car can guide you toward the make and model that’s best for you however, it’s not the only expense you need to keep in mind before purchasing the vehicle. Costs for maintenance and repairs, fuel insurance for autos, and annual registration renewals should also be considered when deciding which vehicle is most suitable for your requirements and budget. How to estimate the true cost of car ownership To determine the true price of ownership of a vehicle it is necessary to take into consideration several factors, including repairs and maintenance , gas expenses registration charges, taxes and depreciation. If you do your research in advance, you won’t be blindsided by the long list of costs and you’ll know that you can truly afford the vehicle you’re driving off the lot. Repairs and maintenance scheduled maintenance is usually less than $100 per visit, but the price can be higher with older cars. You can determine the average costs based on your car’s make, model and mileage. Today’s vehicles can cover 5,000 miles or more between maintenance appointments scheduled regularly It’s not a good idea to extend the duration between car service visits to save some money on the cost of car maintenance. You should always adhere to the maintenance schedule in your owner’s manual to get maximum life out of your vehicle and make sure that the manufacturer can’t void the warranty of your new vehicle. Car insurance While the majority of states do not require their drivers to purchase insurance for their cars, for the majority of drivers, it’s an essential aspect to consider when calculating the real costs of owning a car. Car insurance can help you save many hundreds of thousands in case of crash and the average motorist pays . The best way to determine your auto insurance costs is by comparing quotes from a few firms. Your insurance rate can vary depending on your age, your history of accidents as well as your annual mileage as well as gender, the type of vehicle you own and more. Gas costs The price at the gas pump varies due to demand, taxes and even the location. However, as a prospective car buyer you can plan for the cost expected by analyzing your car’s fuel economy on . The “good” gasoline mileage of nonhybrid cars hovers around 20-30 miles per gallon, while electric and hybrid vehicles can reach 50 to 100 miles per gallon, or more, according to . It is also important to consider the fuel octane and type of fuel needed. A vehicle that is highly-performing will require higher-octane premium gas and could impact your monthly budget. However, you can save money on fuel by searching for the best deals before making a stop at the gas station. Registration, fees, taxes If you purchase a car there are always fees charges to be paid after you’re ready take the final step of signing the agreement. The three main ones are cost of registration for the vehicle, the taxes for documentation, and sales tax. The registration fee varies by state; in some states, the registration cost is lower than $100 per year but other states charge closer to $200. This cost is also affected by the cost, age and weight of the vehicle. The documentation fee covers documents that come when you purchase a brand new car. Dealers often use this fee as a chance to make extra cash. Some states impose a documentation fee that ranges from $100 to $200, but the majority of states don’t control the fees for documentation. Make sure you check the rules of your state prior to time so that you are ready to negotiate in case that amount is too high. Sales tax also varies according to state. The residents of California can expect to pay 10.25 percentage tax for their vehicle and customers in Michigan can expect taxes to be as low as 6 percent. A car tax rate calculator can help you avoid a surprise when you sign the contract. Depreciation is the rate that it decreases in value over time. It reveals the difference between the value of your vehicle now compared to when you first purchased it. This is a crucial aspect because you could be losing money if your vehicle has a high depreciation rate. can help you determine the amount of depreciation that a vehicle could incur over a five-year time span, since some cars depreciate more rapidly than others. In general, new cars are more expensive to replace than used ones. How can you reduce your car’s expenses Along with researching before you sign the contract there are numerous day-to-day ways to minimize the cost of your vehicle when the car is yours: Be cautious when driving speeding, rapid acceleration and sudden braking can all lower your car’s gas mileage. Limiting your speed to the limit- or slightly below is a good way to save money at the pump. Select a reliable mechanic Take a look at a handful of mechanics and read online reviews before settling on one. Having a relationship with a trustworthy mechanic will ensure fair costs. Keep to the maintenance schedule: It’s tempting to ignore regular maintenance and visits to the service center, but adhering to the recommended schedule of your manufacturer can prevent your car from breaking down. In addition, you may save money on repairs. Learn defensive driving Numerous insurance companies offer discounts to drivers who successfully complete online defensive driving courses. Do not overuse the air conditioning using your car’s air conditioning when it’s not required will have a significant impact on its efficiency. When you’re able you can roll the windows down instead of cranking up the air. Look around for insurance options for your car Some companies offer lower rates for auto insurance than other providers. Take your time and shop around for the best deal best suited to your needs. Plan your routes: Mapping your routes in advance reduces unnecessary trips, curbing the cost of fuel. Earn rewards for gas Utilize loyalty reward programs that are offered by certain credit card issuers as well as gas stations. Experts suggest that you invest less then 10-15 percent of monthly pay for an auto loan. You must also factor in the cost of maintaining your vehicle, which should not exceed seven percent which would make the total between 17 and 21 percent of salary. How to save the cost of your vehicle loan Shopping around to find the can also help you minimize expenses associated with owning a car. Before you begin your search, check your credit score to see where you stand since lenders will use it to decide what rate to offer you. In the event that your score isn’t to standards, obtain a copy of your credit report from the three major credit bureaus including Experian, TransUnion and Equifax Review the contents. Make a dispute if you notice issues and find any areas of your credit report you have to improve which could be dragging your credit score down. If your credit score isn’t at par and you need a car loan right now, it’s possible to consider this. Next, get rate quotes to find the best deals on financing. A lot of lenders allow online financing without impacting your credit score. Moreover, you can also utilize these rate quotes as leverage when you are negotiating a purchase price at the dealership. When you are ready to apply for a loan make sure you choose the lender with the terms that will allow you to sign the contract. Be mindful to note that the greater the loan term, the more interest you will pay, even if you get an affordable monthly installment. The bottom line Car maintenance costs, insurance and added fees can leave you in a difficult financial spot if you’re not prepared for them. Plan ahead and review your budget to ensure you can truly afford the vehicle you’re purchasing. Make sure you do your research before you apply for a loan to get the best deal on financing. Find out more
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Written by
Allison Martin’s career started over 10 years ago as a digital content strategist, and she’s since been featured in a variety of top financial media outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances with clear, well-researched information that breaks down otherwise complex topics into manageable bites.
Auto loans editor
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