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5 min read Published 15 September 2022
Written by Allison Martin Written by

Allison Martin's work started over 10 years ago as a digital media strategist. She's been published in numerous prestigious financial outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances with clear, well-researched data that break complex topics into manageable bites.









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Although the price tag of a vehicle will direct you to the brand and model that's suitable for you but it's not all you should be aware of prior to making the purchase. The cost of maintenance and repairs, fuel automobile insurance, as well as annual registration renewals should also be taken into consideration when choosing which car is best suited to your budget and needs. How to estimate the true cost of car ownership To estimate the true cost of car ownership, you'll need to consider many factors, including repairs and maintenance costs for gas, registration, charges, taxes and depreciation. If you do your research ahead of time, you won't be blindsided by the laundry list of charges and will be able to determine that you're able to pay for the car you drive from the parking lot. Repairs and maintenance scheduled maintenance will cost you less than $100 for each visit, but the price can be higher for older vehicles. You can determine the average costs based on your car's make, model and mileage. While today's cars can go 5,000 miles or more between scheduled maintenance visits, it's a bad idea to extend the duration between servicing in order to save money on maintenance costs. Always follow the manufacturer's car maintenance schedule that is in the owner's guide to maximize the life of your car . Also, make sure that the manufacturer won't cancel the warranty of your new vehicle. Insurance for cars Although the majority of states do not require their drivers to purchase insurance for their cars, for the majority of drivers, it's an essential factor when determining the actual cost of car ownership. Car insurance could help you save tens of thousands of dollars in the event of a crash, and the average driver is responsible for . The best way to determine your auto insurance costs is by looking at quotes from several companies. Your insurance rate can vary depending on your age, history of accidents and mileage per year as well as gender, the type of vehicle you own and more. Gas expenses The cost at the gas pump varies depending on demand, tax rates and even the location. But as a car buyer you can anticipate the anticipated cost by looking at your car's fuel efficiency on . It is estimated that a "good" fuel efficiency for nonhybrid cars hovers around 20-30 miles per gallon. On the other hand, electric and hybrid vehicles can achieve 50 to 100 miles per gallon, or more, according to . It is also important to consider the fuel octane and kind of fuel you require. A vehicle that is highly-performing will require premium gas with higher octane and could impact your budget for the month. Still, you could save money on gas by comparing the best prices prior to taking a fill-up at the pump. Taxes, registration, and fees when you purchase a vehicle there are always fees charges to be paid after you're ready make the purchase. The most important three are cost of registration for the vehicle, the documentation fee along with sales tax. The registration fee is different from state to state; in some states, registration costs are lower than $100 per year however, other states cost closer to $200. The cost of registration can be affected by the cost as well as the age and weight of your vehicle. The documentation fee is for the paperwork that comes with a new vehicle purchase. A lot of dealerships utilize this cost as a means to get extra money. Some states impose a documentation fee that ranges from $100 to $200, however most states do not control documentation fees. Check your state's rules prior to time so that you are ready to negotiate in case that amount is too high. Taxes on sales also differ by state. Residents of California are able to expect a maximum 10.25 percentage tax for their vehicle however, buyers in Michigan are taxed at 6 percent. A car tax rate calculator will help you avoid surprises when it comes to signing the contract. Depreciation Your is the amount that it decreases in value over time. It reveals the difference between what it's worth in the present compared to when you first bought it. It's an important factor because you may be losing money if your car has a high depreciation rate. can help you determine the depreciation of potential vehicles over a period of five years as certain cars appreciate faster than others. In general, new vehicles appreciate faster than older cars. What can you do to reduce your vehicle costs Along with researching before you sign the contract there are numerous daily ways to cut down on the cost of your vehicle when the car is yours: Don't drive too fast: Speeding, rapid acceleration, and abrupt braking all lower your car's gas mileage. Driving the speed limit -or a little less than it -- can help you save money at the gas pump. Pick a reliable mechanic: Shop around with a few mechanics and look at online reviews before settling on one. A relationship with a reputable mechanic will guarantee fair prices. Keep to the maintenance schedule: It's tempting to ignore regular maintenance and service appointments, but following the manufacturer's recommended schedule will stop your vehicle from breaking down. Additionally, you could save money on repairs. Consider a defensive driving class Numerous insurance companies offer discounts to those who have completed online defensive driving training. Don't overdo the air conditioning by using the air conditioning when it's not necessary can dramatically impact its fuel economy. When you're able to do so, open the windows instead of turning up the temperature. Look around for insurance options for your car: Some providers offer far cheaper rates on auto insurance than others. So, take your time and look around to find the best option that is best for you. Map out your routes: laying your routes out in advance reduces unnecessary trips and lowers expenses for fuel. Earn gas loyalty rewards: Take advantage of loyalty reward programs available through select credit card issuers and gas stations. Experts recommend that you spend not more than 10 to 15 percent of your monthly earnings on a car loan. Also, you must consider maintenance costs for the vehicle, which shouldn't exceed 7 percent or more, bringing the total to between 17 to 21 percent of your take-home earnings. How can you save money from your auto loan Shopping around to find it can help you minimize expenses associated with owning a car. Before you begin your search, look over your credit score to find out where you stand as lenders use it to determine what rate to offer you. If you don't think your credit is to par, get copies of your credit report from the three main credit bureaus -- Experian, TransUnion and Equifax Review the contents. File disputes if you spot errors and identify any areas on your credit report that need to work on that could cause your credit score to go down. If your credit score isn't at par and you're in need of an auto loan now, is also possible to consider this. After that, you should look up rate quotes to discover the best rates on financing. Many lenders let you online without hurting your credit score. Additionally, you can use rates as leverage when you negotiate the purchase price at the dealership. When you are ready to apply for a loan, select the lender who has the best terms to seal the deal. Remember to note that the greater the loan period, the greater cost of interest you'll be paying regardless of whether you receive an affordable monthly installment. The end result is that car maintenance, insurance and additional fees could put you in a tough financial position if you're prepared for them. Make sure you plan ahead and look over your budget to ensure that you can truly afford the vehicle you're purchasing. Be sure to verify this before you apply for an loan to ensure you get the most affordable rate on financing. Learn more


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Written by

Allison Martin's work began over 10 years ago as a digital content strategist. She's been featured in a variety of top financial media outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances with clear, well-researched information that is broken down into complex topics into manageable bites.






Auto loans editor




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