The Cost of Car Ownership: Robins Financial Credit Union

How much does a car cost? The answer is surprisingly complicated, or at least more complicated than the big number written on the windshield at the dealership. If you want to own a car and need to know how much it’ll cost you, these are the five things to consider. First there’s your down payment. Remember the larger your down payment, the lower your monthly cost will be to pay off your car loan. Second there’s any ongoing payments you’ll have if you’ve taken out a car loan. The monthly payment will consist of the balance you owe on the car. That is what you didn’t pay up front, plus the interest payments at the rate you agreed on in your loan terms. Third, you’ll also have to think about your auto insurance. It’s illegal to drive without it so there’s no way around that one. Next, think about how much you’re going to use your car. That will obviously have a big impact on your gas expenses. But even beyond that, it affects your maintenance costs. If you drive a few hundred miles a month you may only need an oil change annually. If you drive 3,000 miles a month, you’ll need one every month. Of course the miles you drive will also affect other maintenance costs you’ll incur as well as your resale value when you want to trade in your car down the road. Be sure to take the time to get a clear picture of what your true costs of owning a car will be. It will allow you to make the best decision when making your purchase. Then once you’ve made a decision to buy, give us a call at Robins Financial Credit Union. We’ve got some of the best auto loans around and our experts are here to help you get behind the wheel of your dream car. For more information call click or visit any of our branch locations.

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