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Either way, youre likely thinking only of the price of the car.
But many other factors come into play when you decide to purchase a new vehicle.
Many of these factors get overlooked and add up fast once you own the car.
Understanding these costs may encourage you to change your mind.
You may still buy a car, but you might choose a different one.
Here are the topsix additional costs of owning a car you might not be prepared for.
This could run you hundreds of extra dollars.
But, even if you thought of that cost, you might not have thought of recurring registration fees.
In every state in the country, you have to pay registration fees.
Some of these fees are annual.
Some only show up every two or three years.
Your car will also have to pass an emissions test in some states.
That test will cost you a pretty penny as well.
Fuel
Yes, yes.
Of course, you know you have to buy gas.
Most people who drive their cars to work have to fill up their tanks at least once a week.
Its a cost that comes with the joy of car ownership.
And youre prepared for it.
But are you prepared for a rise in gas prices?
Gas prices hovered close to $5 per gallon in states like California.
The difference could mean an extra hundred dollars or more in your monthly budget.
Insurance
Auto insurance is mandatory in every state in the country.
You probably already know that, though, right?
Sports cars, high-performance, and luxury vehicles have really high rates.
These vehicles could cost you hundreds of dollars each month in insurance coverage.
So, it might pay to shop for insurance before you shop for a car.
Hondas and Toyotas, for example, are pretty cheap and easy to repair.
A single headlight replacement on an Infiniti or Volvo can run you hundreds of dollars.
you might review Consumer Reports to see which brands cost the most to repair.
Much of the reason for depreciation is those repairs.
When a car depreciates, you lose your ability to make money from it when you sell.
Its an important consideration to take before you buy.
Parking
Finally, depending on where you live, you may have to pay for parking.
This doesnt even factor in the time youll have to take to find parking.
Educating yourself on this topic can end up saving you thousands of dollars.
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