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Short Answer: More than you think.
When you think about buying a new vehicle the first thing most people do is calculate how much a new car payment is going to cost them each month. But that’s not the only expense owning a vehicle entails. Before you buy your next vehicle, the finance team here at David Scott Lee Crestview Buick GMC wants to make sure you have all the information you need to make sure it’s a vehicle that matches your budget and your fiscal goals.
Sure, you want a new car, right? Well, the best way to figure out if you can afford it is to add up all the regular costs that come with owning a vehicle. Once you've got the total cost in front of you, then you can have some fun. You can decide if you've got enough money for those leather seats, fancy wood inlays, and a top-of-the-line sound system. Keep reading to find out which expenses you should consider before your next car purchase.
A lot of people look at the monthly car payments to decide if they can afford it. As of this writing (August 2023), Experian reports that the average new car payment is $725. But don't worry, your car might not cost that much. You could save some money by going for more affordable options like a Buick Envista, Encore or the GMC Terrain.
So, you find out how much the car costs, add it to your budget, and see if it fits. Sounds simple, right? You just pay for the car, and that's it? Not exactly. Your monthly car payment also includes the cost of financing, and that's a chance to save money.
The interest on your loan can be a big part of the total cost. Let's say you buy a $30,000 car with a 60-month term and a 6% interest rate. You'll have to add another $4,799.04 to the price. That's an extra $179 a month. Want to cut that cost? Shop around for a car loan with the lowest interest rate you can get. You might be able to make that monthly payment a lot smaller. Collaborate with our finance team to find the best financing solution for you.
Imagine having to pay for a car you don't have anymore. That would be a total bummer, and a massive drain on your finances. Luckily, there's car insurance with options like gap insurance. If you have an accident, it can pay off the car for you. Florida, and most states in the U.S. require at least liability insurance. The cost of insurance isn't the same for everyone. It depends on things like how you've driven in the past, how much the car's worth, and the coverage level you select.
Get quotes from a few trustworthy insurance companies before you purchase the vehicle. That way, you can figure out how much insurance will add to your monthly costs. It's a smart move to make sure your bank account can cover your coverage.
There is no way to calculate the exact amount you’ll spend on fuel. Gas prices are in a constant state of flux, going up and down based on the market, the supply, and sometimes it feels like prices change jon a whim.
But here's a handy tip: the American Automobile Association says that most people pay around 18 cents a mile for fuel. And since the average American drives about 15,000 miles a year, that usually adds up to $2,700 a year or $225 a month on gas.
If you want to save money at the pump, there are apps that let you check the gas prices at stations near you. Just be careful not to drive extra miles just to get to a place with cheaper gas.
Thinking about the taxes and fees on a car can be a bit confusing. They change depending on the type of car you're buying, and even where you live. If you're in Florida, you'll want to look up the exact cost of fees and registration for your car. That way, you'll know just how much you need to pay.
On average, car owners pay about $675 a year in taxes and fees. But remember, that's just a ballpark figure. Checking the exact amount for your car and location will give you the best idea of what to expect.
Want to keep your car looking and running great? It's going to cost you some money. How much, you ask? Well, Bankrate says that the average American spends between $370 to $786 a year on car maintenance. So, you'll want to tuck away $31 to $66 every month to make sure your car stays in tip-top shape. Our service center offers everyday low prices as well as rotating service specials and deals to make the cost of maintenance and repairs even more affordable. Still, it's a good thing to plan for so you're not caught off guard when it's time for a tune-up.
Use the information above to calculate the total cost of owning your next vehicle. Then, visit us at David Scott Lee Crestview Buick GMC to purchase the vehicle that matches your needs and your budget.