I Want To See How Much My Car Is Worth – This calculator makes it easy to compare the costs of cars in completely different markets from new to used markets by factoring in all relevant expenses (depreciation rates, interest rates, purchase prices, insurance costs, mpg ratings, etc.).
To calculate the costs of your individual car click on the “Calculate Single Car” radio button, fill in the column on the left with the vehicle cost details and then click on the “Calculate Car Cost” button.
I Want To See How Much My Car Is Worth
To compare two cars, click the “Calculate Double Cars” radio button, fill in the details of both columns and then click the “Calculate Car Cost” button. If the two vehicles have similar data, you can fill in the first column with the “Calculate Single Car” radio button selected, and then click the “Copy Car #1 Entries to Car #2” button to move the column to fill right (Be sure to change to the “Double Car Calculation”). Then just change any cells that are different before calculation.
How Much Is My Car Worth?
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Similarly, the costs of your cars can vary greatly from vehicle to vehicle depending on whether you buy used maintenance, or new maintenance, and more.
Fortunately, this car cost calculator calculates the true cost of car ownership and even compares costs between different vehicles by applying all the relevant factors including tax, licence, warranty, depreciation , finance, insurance, fuel, maintenance and repair costs.
Below is more information to help you use this car cost calculator correctly so you can reduce your vehicle ownership costs.
History Of The Automobile
Buying a car is likely to be one of the biggest purchases you will ever make – second only to a house.
Your true cost includes depreciation, insurance, maintenance, fuel, and more. In short, there are many factors to consider… including the monthly payment.
The high costs of car ownership are especially important because it affects your ability to do other things with your money like take vacations, invest for retirement, or pay off debt. Not only that, but different cars can have very different costs – sometimes 2 or 3 times as expensive per mile to operate – compared to another car.
That’s why it’s important to use a Car Cost Calculator to figure it out. It will show the true impact your vehicle costs will have on your budget and help you find the best deal to match what you can afford.
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Like any other retail purchase, you’ll pay sales tax when you buy a car (assuming you live in a state that has a sales tax). This may require a lot of extra money up front, unless of course you finance the vehicle.
Tip: By purchasing certain fuel-efficient vehicles such as electric cars and hybrids, you may be able to help offset this cost with a tax credit.
The annual license cost is your regular payment to use your vehicle on public roads. You must pay this fee to drive legally.
Tip: Make sure you follow all laws and pay any applicable fees to governing bodies to avoid tickets.
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The cost of an extended warranty is an optional extra payment to your car dealer (or manufacturer) to protect yourself in the event of a major unexpected expense due to a mechanical failure.
The cost of depreciation can be the biggest cost of your car. Depreciation is simply the cost of wear and tear that reduces the value of your car after a few years. The rate of depreciation varies for each car. The average car depreciates by about 65 percent at the end of five years. It is important to know the depreciation cost of your car as this is an important factor if you want to sell your car after a few years. The resale value is calculated by deducting the depreciation cost from the original purchase price.
The cost of fuel will vary depending on the mpg (miles per gallon or equivalent) and the price of the fuel. Another of the big costs of owning a car is the cost of fuel.
Tip: You can save money on fuel by consolidating trips, avoiding heavy acceleration, and driving smaller, more fuel-efficient vehicles.
How To Find Your Car Make And Model
The car insurance premium is the amount you pay for insurance protection in case you get into an accident. Car insurance is required to operate a vehicle.
Tip: Shop around for the best insurance rates and find out how much insurance protection you really need before deciding which insurance policy to buy.
Tip: Weigh the maintenance risk of buying a used car against the depreciation and higher purchase price of a new car. Low mileage, used cars in the 4-6 year old range can represent great value balancing these factors.
Tip: Avoid superfluous accessories that add too much to the cost of the car. You can get third-party accessories for much less money than dealer-installed accessories.
First Time Buyers: How Much Should I Spend On My Car?
When you’re buying a car, don’t forget to think about just the monthly payment. Be sure to factor in all the extra costs of owning a car and use the car cost calculator to calculate your true cost of ownership.
There is no surefire rule-of-thumb you can use to make the best decision when considering different cars. Used cars tend to be cheaper to buy but have prohibitive maintenance costs down the road. New cars have high monthly payments and depreciation charges which make them the most expensive. Meanwhile it is a late model, gently used car – 4-6 years old with low mileage. This is often your lowest cost car to drive when all factors are considered.
This Car Cost Calculator will help you add hard numbers to the analysis and find the best transportation deal for your needs.
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Tell us where to send your video guide 2 showing UNUSUAL strategies to accurately calculate how much you need for retirement… As a first time car buyer, how many vehicles can you afford, and what is a responsible price target? Responsible questions. Read on to find out what to prioritize when it comes time to find a dealer, negotiate and pay for a new car.
Budgets are important, especially when buying a car. As with all things financial, there is debate about how much money you should spend on your next vehicle. About 40 percent of consumers try to stick within 15 percent of their budget, according to CNW Research, and about half want to stay within 5 percent of their budget when they leave the dealership. You should check with a financial planner to find out what price is right for you; you don’t want to be “car poor” because you can’t afford anything for the month after you make your car payment.
For most shoppers, the budget hits home in the form of a monthly car payment. About 85 percent of new car buyers finance or lease their vehicle today, according to Experian Automotive; the majority of car shoppers use the same.
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So how does that monthly payment translate into your new car budget, and how much should it be? Get started with some of our funding tips below.
Estimating how much your car payment is should depend on many factors. How much money is coming in, and how much is going out for rent, mortgage payments and/or student loan debt? Those are pretty ingrained costs—and they’re harder to change than, say, deciding to eat out at restaurants less often or cancel your cable TV payment.
Roughly the range of experts’ estimates. Greg McBride, senior vice president, chief financial analyst at Bankrate.com, recommends that a car payment should not equal more than 15 percent of your pre-tax monthly pay. That means if you make $50,000 a year, your monthly car payment could be as high as $625.
But for many of us, it should be lower. The 15 percent cap only applies “if you have no other debt than a mortgage,” McBride cautioned. Many first-time buyers can’t say that, so be smart about how much money you’re putting aside.
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You’ll also have gas and insurance to pay for. Don’t be surprised by how tolls and parking costs add up or don’t forget a stash of money that is regularly funded for maintenance and repairs. As a result of all these expenses some experts have suggested even lower budget limits for your car purchase. Interest.com Managing Editor Mike Sante says you shouldn’t spend more than 10 percent of your pre-tax income on the combined cost of car payments and car insurance, and the College Board recommends that you should aim for 15 percent of pay get home
Good. Now, pull up the car affordability calculator and enter the monthly payment you’ve decided on. If you have a car that you intend to trade or sell, estimate its value
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