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What Is the Total Cost of Owning a Car?
Advertiser disclosure You're our first priority. Every time. We believe that every person should be able make financial decisions without hesitation. And while our site does not include every company or financial product that is available in the marketplace, we're proud of the advice we provide as well as the advice we provide and the tools we develop are impartial, independent easy to use and completely free. How do we earn money? Our partners pay us. This can influence the products we write about (and the way they appear on the site) however it does not affect our recommendations or advice that are based on hundreds of hours of research. Our partners cannot be paid to ensure positive ratings of their goods or services. .
What Is the Total Cost of Owning a Car?
Total costs for your car include much more than the loan payment. Use NerdWallet's calculator to see how much you're spending.
by Whitney Vandiver Writer | Car maintenance, ownership Whitney Vandiver writes for NerdWallet about how car owners can save money on ownership and maintenance. She was previously a writer in the oil and gas industry, where she was published in national journals and international magazines. Whitney became a writer out of a sense of fun and believes that stories that celebrate or help the LGBTQ+ community the most satisfying to write. When she's not writing, she enjoys walking, reading, and walking her Irish Wolfhound. Her home is in Houston.
as well as Shannon Bradley Lead Writer | Personal finance, car buying, loans Shannon Bradley covers the auto loans for NerdWallet. While attending college to earn a journalism degree, Shannon completed an internship that did not lead to the newsroom, instead, to a bank's marketing department. The next 30 plus years as a content writer and content manager within the financial services industry and created educational content that covered a wide range of personal and business financial topics. After being a frequent NerdWallet user for a long time, Shannon welcomed the opportunity to become a writer for NerdWallet and assist people with financial decision-making. Shannon lives at Newburgh, Indiana.
Dec 8, 2022
A majority of the products we feature are provided by our partners who pay us. This affects the products we write about as well as the place and way the product is featured on the page. But this doesn't affect our assessments. Our views are our own. Here is a list of and .
Table of Contents
Table of Contents
Calculating the total cost to owning your vehicle -- or one that you may purchase in the near future is the best method to ensure your automobile budget is on track. But with soaring car prices, higher interest rates and rising gas prices It can be difficult to figure out exactly the cost of your car is to you.
Here's what you should be aware of the costs associated with owning a car, including the cost of a monthly mortgage as well as the typical costs of ownership and how to go about saving money while still driving the car that you love.
Average monthly cost
The median monthly cost for a new car was $700 in the third quarter of 2022, according to credit-reporting agency Experian. It's an improvement of $91 over the prior year. Leasing a new car was cheaper at $497 a month, and owning a used car was the least expensive option which equates to an average monthly cost of $525. Regardless of your choice however, you'll likely pay more than $500 a month for financing the purchase of a car.
However, this is far from the true cost to own an automobile.
When you factor in loan interest, depreciation, fuel, insurance, maintenance and fees, the cost of owning a car makes a big leap. For brand new cars that travel 15,000 miles a year, average cost of ownership was $17,728 for the year or $894 a month in 2022, in the report by AAA.
>> MORE:
Costs for the car you don't have yet? See average payments here.
Average...
New cars
Used cars
Leases (new)
Monthly payment
$700.
$525.
$567.
Loan amount
$41,665.
$28,506.
N/A.
A loan term
69.73 months.
68.08 months.
35.86 months.
Source: State of the Automotive Finance Market, Experian Information Solutions Inc.
Common costs of owning a car
No matter what vehicle you drive, you're likely to have to cover these items on a regular basis.
Gas
Prices fluctuate almost every day, fuel is one of the most variable costs of driving an automobile. According to AAA, the average driver was paying around 18 cents per mile for unleaded gasoline in early 2022. In a year of 15,000 miles, that's $2,700 annually just in fuel.
The positive side is that the prices for fuel differ based on the size and type of the vehicle. Sedans tend to get better gas mileage than bigger vehicles like trucks and SUVs such as, for example and they can save fuel costs at the pump.
>> MORE:
Maintenance and repairs
The average price of repairs, maintenance and tires is $121 a month for a car that is brand new as per AAA. Common maintenance costs include and tire rotations. These are generally performed at intervals of 5,000 miles or, in this case 3 times per year.
While you'll have to pay for normal maintenance brought on by wear and tear, you won't have to incur repair costs if your car is still covered by the factory warranty or an extended warranty. Manufacturer warranties are typically for three months or 36,000 miles depending on the number you reach first.
If your vehicle isn't in warranty, set aside an amount of money to cover repairs, regardless of whether they're required each monthly or not. This will prevent you from getting hit with an unexpected bill when irregular maintenance is needed.
>> MORE:
Registration, fees , and taxes
According to AAA The most common car owners will pay $675 in 2022 to obtain a license, registration and tax for their vehicle in order to legally operate it.
How the fees are calculated, how often they have to be paid and how much they cost differ by state. The place you reside and the kind of fees you are required to pay will determine the amount you must pay each year for this type of category.
Insurance
Almost every state requires some coverage. The average annual cost for insurance with full coverage is Americans $1,588, according AAA.
But the is influenced by several factors, including the selected coverage and the kind of vehicle you use, your age and driving record, as well as the location you live in. Based on your situation and coverage options you may have to pay more or less standard price.
>> MORE:
Depreciation
While it's not a loan that requires you to pay cash, cars usually do decrease in value over time. This means that you're losing money over time, and this affects your overall cost of ownership.
It's important to note that this is an unusual one where depreciation has shrunk, though this is likely to change in the near-term. In some instances, based on the car model and market demand, some vehicles in the last 12 months have been valued higher than when they were brand new..
But in a normal market car, it is estimated that cars will lose 15 to 20 percent of their value during the first year. Over each of the next four years, depreciation is expected to be around 15% per year.
Depreciation, while it's not money that you're spending out from your wallet, it is a cost that comes with owning a car when you decide to sell the car.
To figure out how much your car has lost value, check current offers for the same make and model to what you paid for it originally. Find out the information through a website like Kelley Blue Book. You can also get a cash deal from a local vendor or one such as Carvana or Vroom..
While there are many ways to reduce the cost, you are not in control of this expense once you own your vehicle.
Back to top
How do you calculate your total cost of ownership of a car
Use our calculator to determine the amount your car is costing you each month . The calculator has pre-populated estimates based on 15,000 miles of driving per year. Therefore, we strongly urge you to enter your exact expenses to see your total car costs.
and insurance premiums are self-explanatory However, here's more details about estimating other expenses of car ownership.
Gas. If you know the amount you typically spend on fuel, then enter the amount into the calculator. If not, divide the miles you drive each month by your car's efficiency rating, which you can find on . Divide that number by the price per gallon of gas in your area.
Maintenance and repairs. It's possible to use the monthly average which is pre-populated based on AAA's data. If your vehicle has needed a lot of work recently and is costing you more than $1,500 a year in work, go ahead and find the exact amount of what you've paid for in the past 12 months . You can enter it here.
Registration, fees, taxes and other miscellaneous. This part is easy: Just put in your annual motor vehicle registration renewal cost, and divide by 12. Add any other ongoing expenses such as parking costs.
*Note: The car cost calculator is pre-populated with estimates based on information from Experian in addition to AAA. See our methodology below.
The best car you can afford costs
When you look at all the costs associated with owning your car you can determine the amount of your earnings that go towards your vehicle each month. It's best to spend less than 15%-20 percent of your earnings for vehicle expenses.
If you find you're over or you're looking to cut back on spending, look at your big-ticket items first and begin to reduce expenses you can manage.
Car loan. Look into refinancing your loan to see whether you are eligible for a lower rate. This can bring down your monthly payment.
Insurance premiums. Contact your current insurance provider about possible discounts. If they're not able to assist you in obtaining a better rate, get quotes from different insurers to get a better rate for your coverage.
Gas. Pay attention to gas prices by using a to locate the most affordable prices, and make use of .
Back to top
About the authors: Whitney Vandiver is a writer at NerdWallet currently writing about car ownership and maintenance. She has previously written about small business and payments.
Shannon Bradley covers auto loans for NerdWallet. She worked for over 30 years in banking as a writer of financial education content.
Methodology
The averages and estimates that are used to populate the calculator come from various sources.
Estimates for used and new car financing are based on Experian's Q3 report for 2022.
AAA's most recent research gives an annual average cost for a wide range of automobile-related expenses. AAA information is based on a new vehicle owned for five years and driving 15k miles per year. These figures have been converted into monthly sums. The total monthly car cost calculator uses AAA information for these monthly medians.
- Gas
- - Insurance
- License, registration and other fees
Repair, maintenance and tires
Similar to...
Explore even more deeply in Auto Loans
Get more smart money moves right to your inbox
Join us and we'll send you Nerdy content on the money topics that matter most to you and other ways to help you make more out of your money.
If you have any inquiries regarding where and just how to utilize $255 payday loans online same day no credit check (https://bestloand.site/sbankaf.site&$255%20Payday%20Loans%20Online%20Same%20Day/), you can contact us at our own website.
Advertiser disclosure You're our first priority. Every time. We believe that every person should be able make financial decisions without hesitation. And while our site does not include every company or financial product that is available in the marketplace, we're proud of the advice we provide as well as the advice we provide and the tools we develop are impartial, independent easy to use and completely free. How do we earn money? Our partners pay us. This can influence the products we write about (and the way they appear on the site) however it does not affect our recommendations or advice that are based on hundreds of hours of research. Our partners cannot be paid to ensure positive ratings of their goods or services. .
What Is the Total Cost of Owning a Car?
Total costs for your car include much more than the loan payment. Use NerdWallet's calculator to see how much you're spending.
by Whitney Vandiver Writer | Car maintenance, ownership Whitney Vandiver writes for NerdWallet about how car owners can save money on ownership and maintenance. She was previously a writer in the oil and gas industry, where she was published in national journals and international magazines. Whitney became a writer out of a sense of fun and believes that stories that celebrate or help the LGBTQ+ community the most satisfying to write. When she's not writing, she enjoys walking, reading, and walking her Irish Wolfhound. Her home is in Houston.
as well as Shannon Bradley Lead Writer | Personal finance, car buying, loans Shannon Bradley covers the auto loans for NerdWallet. While attending college to earn a journalism degree, Shannon completed an internship that did not lead to the newsroom, instead, to a bank's marketing department. The next 30 plus years as a content writer and content manager within the financial services industry and created educational content that covered a wide range of personal and business financial topics. After being a frequent NerdWallet user for a long time, Shannon welcomed the opportunity to become a writer for NerdWallet and assist people with financial decision-making. Shannon lives at Newburgh, Indiana.
Dec 8, 2022
A majority of the products we feature are provided by our partners who pay us. This affects the products we write about as well as the place and way the product is featured on the page. But this doesn't affect our assessments. Our views are our own. Here is a list of and .
Table of Contents
Table of Contents
Calculating the total cost to owning your vehicle -- or one that you may purchase in the near future is the best method to ensure your automobile budget is on track. But with soaring car prices, higher interest rates and rising gas prices It can be difficult to figure out exactly the cost of your car is to you.
Here's what you should be aware of the costs associated with owning a car, including the cost of a monthly mortgage as well as the typical costs of ownership and how to go about saving money while still driving the car that you love.
Average monthly cost
The median monthly cost for a new car was $700 in the third quarter of 2022, according to credit-reporting agency Experian. It's an improvement of $91 over the prior year. Leasing a new car was cheaper at $497 a month, and owning a used car was the least expensive option which equates to an average monthly cost of $525. Regardless of your choice however, you'll likely pay more than $500 a month for financing the purchase of a car.
However, this is far from the true cost to own an automobile.
When you factor in loan interest, depreciation, fuel, insurance, maintenance and fees, the cost of owning a car makes a big leap. For brand new cars that travel 15,000 miles a year, average cost of ownership was $17,728 for the year or $894 a month in 2022, in the report by AAA.
>> MORE:
Costs for the car you don't have yet? See average payments here.
Average...
New cars
Used cars
Leases (new)
Monthly payment
$700.
$525.
$567.
Loan amount
$41,665.
$28,506.
N/A.
A loan term
69.73 months.
68.08 months.
35.86 months.
Source: State of the Automotive Finance Market, Experian Information Solutions Inc.
Common costs of owning a car
No matter what vehicle you drive, you're likely to have to cover these items on a regular basis.
Gas
Prices fluctuate almost every day, fuel is one of the most variable costs of driving an automobile. According to AAA, the average driver was paying around 18 cents per mile for unleaded gasoline in early 2022. In a year of 15,000 miles, that's $2,700 annually just in fuel.
The positive side is that the prices for fuel differ based on the size and type of the vehicle. Sedans tend to get better gas mileage than bigger vehicles like trucks and SUVs such as, for example and they can save fuel costs at the pump.
>> MORE:
Maintenance and repairs
The average price of repairs, maintenance and tires is $121 a month for a car that is brand new as per AAA. Common maintenance costs include and tire rotations. These are generally performed at intervals of 5,000 miles or, in this case 3 times per year.
While you'll have to pay for normal maintenance brought on by wear and tear, you won't have to incur repair costs if your car is still covered by the factory warranty or an extended warranty. Manufacturer warranties are typically for three months or 36,000 miles depending on the number you reach first.
If your vehicle isn't in warranty, set aside an amount of money to cover repairs, regardless of whether they're required each monthly or not. This will prevent you from getting hit with an unexpected bill when irregular maintenance is needed.
>> MORE:
Registration, fees , and taxes
According to AAA The most common car owners will pay $675 in 2022 to obtain a license, registration and tax for their vehicle in order to legally operate it.
How the fees are calculated, how often they have to be paid and how much they cost differ by state. The place you reside and the kind of fees you are required to pay will determine the amount you must pay each year for this type of category.
Insurance
Almost every state requires some coverage. The average annual cost for insurance with full coverage is Americans $1,588, according AAA.
But the is influenced by several factors, including the selected coverage and the kind of vehicle you use, your age and driving record, as well as the location you live in. Based on your situation and coverage options you may have to pay more or less standard price.
>> MORE:
Depreciation
While it's not a loan that requires you to pay cash, cars usually do decrease in value over time. This means that you're losing money over time, and this affects your overall cost of ownership.
It's important to note that this is an unusual one where depreciation has shrunk, though this is likely to change in the near-term. In some instances, based on the car model and market demand, some vehicles in the last 12 months have been valued higher than when they were brand new..
But in a normal market car, it is estimated that cars will lose 15 to 20 percent of their value during the first year. Over each of the next four years, depreciation is expected to be around 15% per year.
Depreciation, while it's not money that you're spending out from your wallet, it is a cost that comes with owning a car when you decide to sell the car.
To figure out how much your car has lost value, check current offers for the same make and model to what you paid for it originally. Find out the information through a website like Kelley Blue Book. You can also get a cash deal from a local vendor or one such as Carvana or Vroom..
While there are many ways to reduce the cost, you are not in control of this expense once you own your vehicle.
Back to top
How do you calculate your total cost of ownership of a car
Use our calculator to determine the amount your car is costing you each month . The calculator has pre-populated estimates based on 15,000 miles of driving per year. Therefore, we strongly urge you to enter your exact expenses to see your total car costs.
and insurance premiums are self-explanatory However, here's more details about estimating other expenses of car ownership.
Gas. If you know the amount you typically spend on fuel, then enter the amount into the calculator. If not, divide the miles you drive each month by your car's efficiency rating, which you can find on . Divide that number by the price per gallon of gas in your area.
Maintenance and repairs. It's possible to use the monthly average which is pre-populated based on AAA's data. If your vehicle has needed a lot of work recently and is costing you more than $1,500 a year in work, go ahead and find the exact amount of what you've paid for in the past 12 months . You can enter it here.
Registration, fees, taxes and other miscellaneous. This part is easy: Just put in your annual motor vehicle registration renewal cost, and divide by 12. Add any other ongoing expenses such as parking costs.
*Note: The car cost calculator is pre-populated with estimates based on information from Experian in addition to AAA. See our methodology below.
The best car you can afford costs
When you look at all the costs associated with owning your car you can determine the amount of your earnings that go towards your vehicle each month. It's best to spend less than 15%-20 percent of your earnings for vehicle expenses.
If you find you're over or you're looking to cut back on spending, look at your big-ticket items first and begin to reduce expenses you can manage.
Car loan. Look into refinancing your loan to see whether you are eligible for a lower rate. This can bring down your monthly payment.
Insurance premiums. Contact your current insurance provider about possible discounts. If they're not able to assist you in obtaining a better rate, get quotes from different insurers to get a better rate for your coverage.
Gas. Pay attention to gas prices by using a to locate the most affordable prices, and make use of .
Back to top
About the authors: Whitney Vandiver is a writer at NerdWallet currently writing about car ownership and maintenance. She has previously written about small business and payments.
Shannon Bradley covers auto loans for NerdWallet. She worked for over 30 years in banking as a writer of financial education content.
Methodology
The averages and estimates that are used to populate the calculator come from various sources.
Estimates for used and new car financing are based on Experian's Q3 report for 2022.
AAA's most recent research gives an annual average cost for a wide range of automobile-related expenses. AAA information is based on a new vehicle owned for five years and driving 15k miles per year. These figures have been converted into monthly sums. The total monthly car cost calculator uses AAA information for these monthly medians.
- Gas
- - Insurance
- License, registration and other fees
Repair, maintenance and tires
Similar to...
Explore even more deeply in Auto Loans
Get more smart money moves right to your inbox
Join us and we'll send you Nerdy content on the money topics that matter most to you and other ways to help you make more out of your money.
If you have any inquiries regarding where and just how to utilize $255 payday loans online same day no credit check (https://bestloand.site/sbankaf.site&$255%20Payday%20Loans%20Online%20Same%20Day/), you can contact us at our own website.
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