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What other costs should I consider when budgeting for a car?

The price on the sticker is not the only cost you need to budget for when buying a car.  There are
several things that must be considered when considering how much car you can afford. 

Auto Insurance
Insuring a sedan versus a full size truck may make a large difference in your insurance cost. Be prepared before you start shopping for your car by getting a quote from our discounted Home and Auto Insurance.  If you are considering not carrying full coverage on your car to help save costs, keep in mind if you will be getting a loan for the car, the lender will require full coverage insurance. 

Repair and Maintenance
Generally, you should budget for at least four oil changes and one tire rotation each year.  These are basic maintenance costs that any car will need.  Of course, depending on the amount and type of driving you could need more maintenance.  Get a price from the company you would most likely do business with and add that to your total cost for the vehicle.  A mechanic may also be able to tell you common repairs that your particular vehicle may need and how much they would cost.

While you will never be able to figure out when and why gas prices fluctuate in your area, you can calculate a fairly accurate average cost per gallon.  Take that with the approximate miles you drive every month, even if it’s just to work and back, and you will have the cost to put gas in your car.  But don’t stop there.   The gas mileage of the car you are driving will then tell you how often you will be filling up your new car.  This is where you might see another big difference when you compare a gas guzzler to a more practical vehicle.  There is no right or wrong answer, it’s just a matter of making sure all costs are calculated and in your budget!

Add ons 
These could be things such as warranties, GAP insurance or other stand-alone extra policies for the car like tire and wheel protection.  Of course none of these are required, but if you feel these will be something you might want, be sure to look to the Credit Union for a competitive quote.


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