Purchasing a new vehicle is a major investment, with costs that extend beyond the sticker price. Because car insurance, regular maintenance, and a variety of other recurring expenses will have an impact on the affordability of a vehicle, it’s best to weigh these factors carefully before making your choice. Below are just some of the long-term costs to consider if you’re shopping for a new car.

What Are Some of the Hidden Costs of Auto Ownership?

1. Registration & Taxes

The cost of registering a new vehicle depends on the laws of your state, independent of the value of the car. After the sale, you’ll also have to pay property taxes, which are based on the final sale price. No matter what type of vehicle you purchase, you’ll be charged an annual tax to renew the registration.

2. Fuel

For as long as you own a vehicle, you’ll have to refuel it several times a month. Modern cars differ widely in how much gas they consume, so choosing an option with higher fuel efficiency could ultimately save you hundreds of dollars every year.

3. Maintenance

Regular oil changes, transmission cleanings, and tire and brake replacements are all key to extending the life of your vehicle. However, some makes and models require specialized fluids or rare parts. Smaller vehicles can also be harder for the mechanic to work around. Therefore, keep these considerations in mind while browsing.

4. Car Insurance

Car insurance is a significant monthly expense of owning a vehicle—but, in return, it offers protection against the often-high financial toll of accidents, as well as invaluable peace of mind. For those planning to finance their auto purchase, most lenders require drivers to carry comprehensive and collision coverage, in addition to the liability insurance required by the state. However, because some vehicles are more likely to cause an accident than others, rates can vary widely from one car to the next. To lower this cost and look after your family’s well-being, prioritize vehicles that have high safety ratings. Features, like back-up cameras and collision alerts, are also useful.

Choosing the right car insurance policy is a difficult decision. For help evaluating your options, trust Doris Watson Insurance Agency. As a dedicated State Farm® agency, they offer a broad spectrum of customizable policy options to drivers throughout Broken Arrow, OK. Call (918) 251-4333 to request your free quote today. Like their Facebook page for more insurance tips.