Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Insurance is by far the biggest fixed item, and that varied widely by where you live. In most non-urban areas, the minimum legal is around $400 a year, but in some states (like Michigan) it's double that even in rural areas, and in urban areas like Miami or Boston, the sky is the limit. In most states, license plates are less than $100, unless there is a personal property tax in your state.
If you don't commute,and just use your car for errands and recreation and maybe a trip or two, you will probably only drive about 5-10,000 miles. At the low end of that with an economical car, you will use 200 gallons of gas, which will cost about $600, again with wide variables for where you live. Double or triple that that if you commute to work or have to drive over about 20 miles to town for regular shopping, etc, or have a big car.
After your car is several years old, start thinking maybe $2-300 a year as a rough estimate for costs of keeping it going. Every 3-5 years, there will be new tires/battery for about $400, another $400 to have brakes relined, $50 a year for oil changes, nickel and dime stuff like wiper blades, car washes, bulbs all add up. For a middle-aged car, maybe $300 a year.
Using bottom-end figures for all of those, and assuming no traffic fines or parking costs, you are still looking at a minimum of well over $1,000 a year, I don't know NJ insurance rates, license fees, inspections, etc., but I'd guess in your state, probably a minimum closer to $1,500. But certainly under $2,000, as long as you are not a profligate wastrel.
30 Years Old Male in New Jersey. I'm looking to start owning a car.
Not counting the cost of buying an actual car. What should I expect to pay early for owning car? This is counting insurance, repair, gas, and whatever else is required.
Try googling "Edmunds True Cost to Own" . Put in the make, model, year, etc.
Now this assumes you drive 15 K miles/yr, which is common. If you don't have a long commute though, it can be less than that, so you'll be spending less on gas, depreciation, and maintenance/repair (but not insurance)
A very rough figure is $7,000 per year for a small car and $9,000 for a bigger one, but again, you can cut that down by driving less.
The biggest expense is always the car itself. If you go with something that is priced low and not falling apart, then you are far ahead. It is helpful to learn about cars and basic maintenance too. Saves you a ton of money and headache.
I would disagree. You can buy a $500 car and have the insurance easily cost double that (when you are a 30 yr old male in NJ with no ownership history). I always thought the depreciation was the most expensive part of the ownership model until my last vehicle. I put 175K miles on a diesel pickup, at $3 a gallon (average) I put about $39,000 in fuel in that truck, more than I paid for the truck new!
I would disagree. You can buy a $500 car and have the insurance easily cost double that ...
Good luck with that, the days of $500 cars are over, even ten year old used cars are going for more than $4,000 now. You can get at least $1,000 for even a 15 year old rust bucket, so long as it runs and can pass emissions.
Good luck with that, the days of $500 cars are over, even ten year old used cars are going for more than $4,000 now. You can get at least $1,000 for even a 15 year old rust bucket, so long as it runs and can pass emissions.
Yep, just like the 5$ car ride to work. Ur car wont start after work I'll get u home, I'll help u out, no charge, just hurry up an get the car fixed, lol. Now u need a ride to an from work, 10$'s a day if u don't run me much out of my way, more if u do. Hey u don't like, no problem, call a cab.
I drive a 2006 Ford Focus, with 39,000 miles. Because I keep complete records, I was able to calculate the cost per mile for Dave Ramsey's Financial Peace University a couple of years ago. It costs over $0.60 per mile to own.
This is an absolute minimum cost, as I paid cash and have a clean driving record. Maintenance costs consist of buying oil and filters, one set of tires, a battery, an alignment, and a dome light. When you calculate depreciation, use the wholesale value; nobody is going to pay you retail price for your car.
If you drive more miles, your cost per mile may go down, but your total cost will increase.
Good luck with that, the days of $500 cars are over, even ten year old used cars are going for more than $4,000 now. You can get at least $1,000 for even a 15 year old rust bucket, so long as it runs and can pass emissions.
Probably true in rust country, but I recently bought a 1978 F-350, presentable truck that ran and drove as it was, for $350. Had to put tires on it before hauling anything, and as usual needed some TLC like a new vacuum can on the depo, but it had new brakes all round and was in very decent shape as bought.
I recently bought a 1978 F-350, presentable truck that ran and drove as it was, for $350.
That's a rare find now a days. If you handy, you can usually find a deal, most people do not want to pay a mechanic a couple of grand to get a car road worthy. If you can throw a couple hundred dollars in parts into a car, you can usually find a fix-a-upper for a good price. The problem with buying a car that doesn't run, is until you get it running, it's difficult to determine how much it's going to really cost you. You might get away with doing very little, or you could find out it going to cost thousands to get it up and running.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
