If you are a budget savvy person when it comes to eating out or entertainment, why stop there? It would be wise to also create an auto budget that encompasses the purchase and/or maintenance of your vehicle. Calculating the total cost of owning a car may ensue more time, effort, and factors than you might think, however. Below, I will go into a little more detail.
To start with, based on the credit-reporting agency Experian, the average monthly payment for a new vehicle in the first quarter of 2018 was $523. However, that is a long ways less than the true cost to own a car! To better understand the total cost of car ownership, you should break it down to the individual components.
First off, there is the price of gas. If you have a rough estimate on the amount of money you typically spend on fuel, write that amount down. If not, divide the number of miles you drive per month by your vehicle’s fuel economy rating. Multiply that figure by the price of a gallon of gas at your preferred gas station.
Next, there are registration, fees, taxes, and miscellaneous. For this, divide your annual motor vehicle registration renewal amount by the number 12.
Depreciation should also be considered. In the first year alone, vehicles usually lose around 20-30% of their original value! Although you don’t pay monthly for depreciation, deprecation certainly does alter your total cost of ownership.
Finally, there are maintenance and repair fees. It is important to note that you will not have repair costs if your car is still within the included factory warranty period—which is usually around three years. After that, however, maintenance costs can add up quite quickly. Consider everything from the cost of an oil change to seat belt pretensioner repair cost when setting aside money. It would be wise for you to look for great companies that can perform repairs at an affordable price. For example, seat belt pretensioner repair cost is quite high at the dealer, but much more affordable at the company Safety Restore. However, a fast turnaround time, 100% OEM parts, and quality services can be expected from this seat belt repair shop. If this affordable seat belt pretensioner repair cost is something you are interested in, you simply need to log onto safetyrestore.com and select the service for seat belt repair.
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