So you want to buy a car. Great. The question is, besides what you are going to pay for it before you drive it off the dealership lot, do you know how much that car is really going to cost you?
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There are many factors to consider when trying to calculate what your new car will really cost you.
Sure, you could buy a nice little Toyota Yaris or Kia wagon for less than $15,000, but that is hardly the end of the expenses when it comes to what the car is going to cost you. In fact, buying the car is really only the beginning.
Regular Care
Once you drive your car home you need to consider how you are going to care for it. A new car is a huge investment and you want to protect that investment with regular maintenance. Scheduled maintenance is what the factory recommends for your car. Everything from regular oil changes, to battery and tire checks, to having the brakes and all fluids checked. Doing these regular service checks are part of protecting your warranty. You need to consider how you will pay for these things and what they will cost over the life of your car.
Irregular Care
There are also unscheduled maintenance requirements such as replacing brake pads,, wheel alignments, exhaust or cooling system parts and service. Beyond the regular maintenance of your vehicle are just plain old repairs. Things go wrong, parts break or wear out and your car will need service.
Different models have different records when it comes to reliability. Pick the wrong model and it may end up costing you a lot more money in the long run.
Finance Fees
If you are like most buyers you did not pay cash for your vehicle, you financed it. These finance fees can add up as the years go buy. Factor in your automobile insurance, which is required by law, and the depreciation that occurs as your vehicle gets older and the miles add up, and you could find yourself paying a lot more for your vehicle than the selling price.
Finally, after figuring what the long terms costs for repairs and maintenance, insurance and depreciation are going to cost you, you can start adding up the easy number: fuel.
Fuel
Calculating your fuel costs is easy enough to do. Just take your vehicle mileage, how many miles per gallon it gets in the city and on the highway. Then figure out, as accurately as you can, what type of driving you will be doing and how many miles you will likely go. Multiply this mileage number by the fuel efficiency, then add on all the other costs and you will have a number that is pretty close to what it is likely to cost you to operate your vehicle.
