Quick Guide To the Costs Of Car Ownership

Quick Guide To the Costs Of Car Ownership


July 8, 2023 | Kaddy Gibson

Quick Guide To the Costs Of Car Ownership


Owning a car can get really pricey, really quick. If you want to get the best out of your new ride and keep it in mint condition for years down the road, then there are some important expense factors to consider. Before you get your next vehicle, check out this guide for a better idea of what to budget for.


Initial Price and Interest

new car

Advertisement

Over the last couple of years, there has been a significant increase in the price of cars. With new cars going for upwards of $50,000 and the average used cars pricing out at about $35,000, car ownership is a costly endeavor right from the start. Make sure you budget not only for the initial cost of the vehicle, but also any extra taxes and licensing fees. If you are leasing a car, double-check your finances to make sure that you can afford all your monthly payments—and don’t forget to factor in potential interest rates. Going over all your financial details may seem tedious, but you don’t want to end up spending more than you can afford.

Fuel Costs

Since the cost of gas is always changing, you will need to have a flexible budget for fuel. Luckily, there are a couple of things you can do to determine possible fuel costs. Look at the average price range for gas in your area and consider that alongside your car’s fuel efficiency. Cars with better fuel efficiency consume less gas for each mile you drive, which will ultimately help you save money. To calculate your fuel costs, divide your yearly mileage by your vehicle’s number of miles per gallon. Then, take that sum and multiply it by the cost of gas. That will give you a better idea of how much you should budget toward fuel expenses.

Maintenance Costs

Regular maintenance is important for keeping your car running smoothly, but it might cost more than you think. Depending on the age and condition of your vehicle, maintenance costs can add up to thousands of dollars every year. To figure out a good budget for these important expenses, think about all the regular and unscheduled maintenance that your car might need. Regular maintenance includes things like tune-ups, oil changes, and tire rotations. When thinking about unscheduled maintenance, consider the cost of replacement parts and unexpected repairs. It's also wise to give your maintenance budget a little extra padding for things like windshield wipers, brakes, batteries, and lightbulbs.

There are a lot of expenses that come with owning a car. But with a little forethought and good budgeting, you can enjoy your new ride without breaking the bank.

Sources: 1, 2


READ MORE

The Worst-Selling Cars Of All Time In America. Did You Own One?

Can you name the Hummer than sold fewer than 6,000 units? Or the Cadillac that couldn't even crack 3,000 in sales? Did you ever own any of these poor-sellers? Check it out and see...
June 12, 2025 Jesse Singer

The Willys MB, The First Jeep

Born under intense pressure and shaped by urgency, the Willys MB Jeep was the answer to a desperate call from the US Army for a light, nimble vehicle that could do it all. Today, it's a national icon.
April 25, 2025 Avishek Satyal
Internalfb Image

Why The Aston Martin DB5 Remains The Most Recognizable And Iconic Car In History

Few cars are as instantly recognizable as the Aston Martin DB5. Introduced in 1963, it became a symbol of British elegance. Its legacy became immortal thanks to a secret agent.
April 4, 2025 Alex Summers
Lincoln Motor Company

The Lincoln Motor Company secured a $10 million government contract in 1917 and started a journey that transformed automobile manufacturing forever.

Edsel Ford once said, "Father made the most popular cars; I want to make the best," and that's precisely what The Lincoln Motor Company did. So, here's how the company began and continues to craft its cars.
January 16, 2025 Peter Kinney
Intro

Paul Walker's Perfect Japanese Import Collection Was Auctioned Off For Millions (Photos)

The action hero’s garage lineup was about purpose, passion, and memories built one mile at a time. Some were track legends, others quiet cruisers he chose over red carpets. Now, they’re ready for new stories.
July 7, 2025 Miles Brucker

Inside John Lennon's One-Of-A-Kind Psychedelic Rolls-Royce

It was sleek and built for British elites—until one Beatle turned it into something no one saw coming. When John Lennon redesigned his Rolls-Royce, he challenged culture and tradition.
July 4, 2025 Peter Kinney