Considering selling your car or getting a new one? This car expenses calculator will help you make a more well informed decision by crunching and calculating what you will have to fork over to keep it running. It will also take into account your monthly income in determining if your ride is as affordable as it seems. Happy number crunching!
What affects car expenses?
The main expense is obviously the car itself, but the costs of running it are even more significant. You’ll have to consider fuel, insurance, parking and repairs. Here are some descriptions of the expenses included in the Car Expenses calculator.
Car insurance is going to be one of your biggest expenses. No matter how careful you are, accidents can happen, and you’ll need to have comprehensive insurance, which will take care of the damage you do to other people’s vehicles, plus your own. If you’re in an accident and your insurance doesn’t pay out, you’re liable to pay for the damage out of your own pocket.
If you’ve got an especially fuel-thirsty car, you’ll have to budget for more than just fuel. If you’re spending $50 per week on fuel, that works out at about $200 a month. If you’re spending a lot on fuel, you might want to consider buying a vehicle that is more fuel-efficient.
If you have to pay for parking, you’ll need to budget for that as well. If you can park on the street, the price is likely to be a bit lower, but if you have to park in a garage or pay for a space at a meter, it can be quite expensive. If you have to park in a garage, budget $60 a month for parking. If you have to pay for a space at a meter, budget at least $20 a month for that or whatever the local meter rates are in your area.
Repairs & maintenance
If you’ve got a vehicle that is in poor condition, you’ll need to budget for periodic repairs and maintenance. If you have a car that keeps breaking down, you might want to consider selling your car and buying a more reliable one.
Of course, there are other expenses that you’ll need to budget for, like car tax, vehicle registration and other miscellaneous costs. So, if you’re planning on buying a car, you’ll have to take these costs into account as well. If you’re not 100% sure about buying a car, perhaps consider some alternatives before jumping into the purchase.