Three Things That Determine the Cost of Ownership of a New Car

When you visit dealers and start looking for a new car, you probably find yourself concerned with the price that you pay as well as the financing terms. Unless you buy the car outright, you’ll need to finance your purchase. Getting a lower interest rate lets you spend less on interest as you make your payments and can bring down the size of your monthly payments too. While you might think that you got a great deal because you paid less than sticker price, you also need to consider the total cost of ownership, which refers to all the other expenses that you’ll pay in the future.

New CarMileage

Before you choose an SUV or a large sedan over a compact or economy car, you need to consider the mileage that you will get out of that vehicle. The more efficient the vehicle is, the less money you will spend on gas. This also reduces the time that you spend waiting in line at the gas station and at the pump too. Newer vehicles often get between 20 and 30 mpg, but you will get better mileage on the highways and open roads than you will in the city.

Insurance

No matter how great the deal was that you got on your new car, it’s not really a deal if you need to spend a lot on insurance once you bring it home. Insurers base rates on factors like the age of the vehicle, the safety features that it has, your current address, how old you are and your past driving record. A car that has a high safety rating and good safety features will help you save on insurance, even if you had a few accidents in the past.

Maintenance

Don’t forget to look at maintenance costs when checking out the cost of ownership. Maintenance costs refer to any expenses that you pay to maintain your vehicle. This can include rotating the tires to prevent wear, changing the oil to keep the vehicle running and replacing all necessary fluids. You’ll also want to look at some of the parts that you might need in the future, how much those parts cost and where you can get those parts. Necessary parts like 9006 LED headlight bulbs are sometimes more affordable than other types of bulbs. Checking on the cost of ownership ensures that you purchase a vehicle you really can afford.

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