Do you have your heart set on a brand new 2018 model SUV? Or maybe you are searching for a budget-friendly used car? Often times, when we are budgeting for an automobile purchase we only think of the cost of the car itself. According to Experian, the average monthly new-car payment is $509, however, this is not the TOTAL cost to own a car – it’s far from it. As your local currency exchange in Addison, we have created a list of important factors to consider when budgeting for a car purchase.

Gas

This may seem like a no brainer, however, a lot of car owners simply have no idea how much money they are actually spending on fuel each month. To calculate how much you spend on fuel, divide the number of miles you drive each month by your car’s fuel economy rating. Then multiply this number by the price of a gallon of gas at your local gas station.

Maintenance

If you are purchasing a used car, it’s important that you budget for maintenance and repairs. According to AAA, maintenance cost will average $66.00 per month. Even if you are purchasing a new car it is important to set aside money for oil changes and tire rotations (these are usually done every $5,000). If your vehicle is not under warranty, you should set aside money for repairs, whether they’re needed each month or not. Lastly, set aside money for a new set of tires about every three years.

License Plate Renewals

Don’t forget about your annual license plate renewal! Be sure to not only add this into your car budget but to also remember when you need to renew each year. License plate renewals can be done quick and easy at your local currency exchange in Addison. When you visit WSCE you can skip the long lines a the Secretary of State office and get your sticker instantly. For more information call (847) 299-3100.

Courtesy of: Nerdwallet