Here's how to calculate the Total Upfront cost of getting your new/used car:
- Base car cost (Online/advertised cost)
- Special trim cost (your preference)
- hardware upgrade costs (your preference)
- software upgrade costs (your preference)
- Unwanted certification/cleaning packages (charged by car company to increase their profits)
- Destination/Transportation fee (if the car has to be shipped to a dealership near you)
- Order/booking fee (charged by car company to retain the car for you)
- Documentation fee (charged by car company or dealership to do the paperwork)
- License plate fee (charged by dealership)
- Registration fee (government fee retained by dealership if they register the car for you)
- State/local taxes (government fee retained by dealership if they register the car for you)
- Loan/mortgage application fee (charged by bank to grant you a car loan)
If buying your car through a loan; Remember the following:
Per your Loan Agreement, it is your responsibility to make sure your bank receives your vehicle title listing the bank as the lienholder within 90 days from the date of your loan.
You can pay the dealership to complete the title application and take it to the Department Motor Vehicles (DMV) on your behalf.
- Before you sign the title application, you must make sure you are listed as the owner and the bank is listed as lienholder.
- If you decide to take the title to your local DMV yourself, the DMV will complete the title application.
- If the dealership or the DMV fills out the title application correctly, your title will be sent to your bank. You will receive a letter through the mail and/or a Digital Banking message confirming the same.
- Your bank's lien will remain in force until the loan balance is paid in full.
General Recurring Expenses:
($4000-$12000 per year) ($0.2-$1 per mile)
- Loan Interest: $0-$2000 per year (2%-9% of yout purchase price / year)
(depends on interest rates, your credit score & loan value) - Fuel/Energy: $50-$200/month (depends on fuel efficiency & distance travelled)
- Government Registration: $50-$250/year (depends on state/country)
- Roadside assistance membership: Free to $10/month
- Insurance cost: $75-$200/month (~5% of your purchase price / year)
- Emergency Repairs: $500-$1000/year (Unexpected breakdowns or repairs due to accidents)
- Cabin Air filter: $10-$25 (every 15,000-30,000 miles or every 1-3 years)
- Wiper Blades: $10-$25 (every 15,000-30,000 miles or every 1-3 years)
- Tire Rotation: $10-$25 (every 7000 miles) to ensure even wear and prolong tire life.
- Cleaning cost: $5 (self) - $30/month (carwash)
- Brake Fluid Replacement: (every 2years)
- Low voltage battery replacement: $100 (every 2-3years)
- Tyre replacement: $750 (every 25,000-75,000 miles or every 6-10 years)
- Wheel Alignment Check: $200 (if you notice any unusual tire wear patterns or handling issues)
- Periodic inspections: $100 (every 15,000 miles or every 2 years)
- Depreciation: $2000-$5000 / year (10%-15% every 6000miles or per year)
(Not a direct expense, but it represents the decrease in value of your vehicle over time) - Engine Oil Changes: every 3,000-5,000 miles (can vary based on the type of oil)
- Infrequent Fluid Checks and Top-Ups: coolant, transmission fluid, power steering fluid
- Engine Replacement Parts: spark plugs, and belts may need to be replaced periodically due to wear and tear.
- Parking Fees: If you park your car in a paid parking lot or garage regularly
- Tolls and Road Fees: If you frequently travel on toll roads or cross bridges with tolls