When shopping for a car, it is important that buyers consider the costs that owning a vehicle can incur on top of the monthly payments and insurance bills.
As gas costs an average $4 per gallon in most places nationwide this summer, car owners may want to put aside a larger chunk of their income for fuel, according to Americans Well-informed on Automobile Retailing Economics, (AWARE), a vehicle financing coalition.
Routine maintenance, such as oil changes and tire rotations, can increase cars’ gas mileage, AWARE reports. But car owners may want to plan ahead to make sure that they will be able to pay for the smaller costs, such as registration fees in their state, parking costs, property taxes and expenses incurred from collisions.
In addition, AWARE says that consumers can save money by understanding the effect down payments and trade-ins can have on the overall financing cost.
Online car loan calculators can help buyers with financing by determining how much their car loan and the the loan’s interest rate will be. Finding a good deal on a car loan can ease the burden of the other costs associated with owning a vehicle.