You’re at the lot. You’ve found the perfect car. It’s got everything you’ve ever wanted and few things you never thought you wanted, and the miracle of miracles this dream car is even in your price range. But is it really? It’s something a lot of us never really think about, but unfortunately, the sticker price is only the beginning of what you’ll end up paying for when you buy a new car. There is a whole slew of hidden costs that are involved in the final price of any car you buy, here are a few you should be aware of before rolling off the lot. The folks at Humes Chrysler, Jeep, and Dodge Dealership want to make sure that you are prepared for the costs that come with being a car owner. Much like people, cars need special attention to, and with that attention comes out of pocket costs.
- Interest – Most of us don’t have an extra 20-3o thousand dollars just lying around to drop on a new vehicle. So we go to the finance company who is happy to lend us the money… for a price. Depending on your credit score interest could add thousands to the sticker price of your car.
- Fees – Depending on what state you live in these fees can add up fast. Do your research and find out how much you can expect to pay
- Insurance – We all have insurance now. Many of us have basic policies because we own our cars outright. When you but a new car though you have to carry full coverage and depending on the finance company you may have to carry a smaller deductible than you’re used to carrying. You’ll pay this for as long as you own the car, so look at it as part of the car payment
- Maintenance – This is a big one. Warranties are awesome, but they don’t cover everything, and there is generally a clause in warranty policies against covering normal wear and tear. You’ll have to spring for oil changes, new tires, brakes, fluid, and anything else that your warranty doesn’t cover so make sure you take these things into account when doing your budget.
Keep these things in mind when deciding how much you want to spend, or when factoring your budget when buying a new car. It’ll save you from surprises in the long run.