If you talking car payments, we've never done that, always paid cash but on services, it's really not much....We don't use that much gas and fill up, maybe ever 2-3 weeks and that's usually about $40.00...Our maintenance is very low although we did just put on 4 new tires and I think that was $400.00...This car is 3 years old and we do take if for the usual oil changes but that's about it....

Ugh! My least favorite way of talking about buying a car! The newest financing craze is 72 month loans...yes....6 years to pay off a new car. All to get the payment to an "affordable" level. Most people don't have $$ for a down payment, which is why the financing folks came up with 72 months. I hate that but it's me.

Robin, when you're looking at the cost of ownership, you're doing all the right things. Everyone should look at maintenance, gas and insurance! You didn't factor in plates/city stickers but that's ok.... :)

If you're thinking about buying a different car though, you need to think about a few things.....

Your insurance will go up. You're insuring a newer vehicle that costs more to repair.
Maintenance costs SHOULD go down. You should have routine maintenance (oil changes, tires) but minimal large expenses. This all depends on what you buy (new, used, etc).
Gas MIGHT go down, depending on how efficient the car you have now is compared to a new(er) one. This is hit or miss.

If you are going to shop for a new(er) vehicle, let me know what you're interested in and I can help you figure out what you should pay. I'm good at that.....and you're close enough that I could physically help you out! :)

Kick my total up to $292.

:)

I can probably get a newer car, but it'll still require maintenance, all cars do, and the insurance will probably go up even if minimal. I'm not really doing any repairs now. I did do an overhaul three years ago and it got an all new exhaust system, brake system, and cooling system. It was still less than a new car or new used car. My car is itty bitty and the gas expenditure is low! I love that. It surely is playing into my what do I need from a new car thought? Gas efficiency is number one on the list. I am going to put off buying a car as long as I can, but when I do, I'll find you :) you're too kind!

Sunny, you skipped over your insurance. That number is highly variable. If you cover your car for liability and collision, your 3 year old car just kicked your monthly up quite a penny. And if you live on either coast, yearly car tags are surely higher than mine. I pay $90 a year. I know my friend who lived in Atlanta, GA over 10 years ago paid $300 for hers. I do think paying for more than collison on a paid off car gets expensive quickly. Tags, I can't control, but I sure got lucky there! Good luck with your saving for your next new car.

gosh, if I add ins,gas,oil changes, and tabs(33.00 a year) for my 2001 Kia I guess its about $38.00 a month. I feel very lucky , and if I would walk a bit I could cut that around $5.00 a month.

Don't automatically assume your insurance will go up with the purchase of a new car. Many companies give better rates if they insure a brand new car versus a used car. Also, as a car reaches the 10 year mark, parts become a bit more difficult to find especially if its a car that doesn't stand the test of time. We have a 2001 Denali, insurance for full coverage runs us $540 annually, yes we pay more for gas but we work together and have just one car. Maintenance runs us about $300 per year and the occasional problem will run on $700 - $1200 every 18 months or so. A brand new truck will easily run $500 - 600 in payments. That's like taking out a second mortgage and of course the salesperson will work the numbers to get the payment where you want it if possible.

In 2012, my vehicle costs averaged out to $214 per month. And that is totally inclusive, from registration to washer fluid and everything in between!

It was high because I needed new front brakes and new tires.

Our cars are old, reliable and paid off. Don't know the other related costs. Never have leased a car, and have bought very few new cars.

Oh, geez. My car payment alone is $600 per month... (And I put $15,000 down.)

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My car is 9 months old. I bought it brand new (only 10 miles on it). The last time I bought a car (also brand new) was in 1993, so it had been paid off for a very long time. And, my husband's car is paid off.

This post was edited by Lindsey_CA on Tue, Nov 5, 13 at 2:16

We don't have any car payments. Our cars are old but run great. We have a Chevy 1 ton truck 1979, a Ford 1 ton truck 1988, a Buick 1986, a Buick 1987 & a Kia 2002 which had been our daughters.

I would not trade any of these vehicles for a new one even if we had the money to do so. No problems with any of them.

If I was still depreciating our car on our budget all costs would be about $400/month.

The car was $32K 'nearly new' (dealer demo) in 2005. We've added 25K miles with no problems. Insurance is too high ($800/yr.) Licenses $150/yr. Gas $50/mo. Once-a-year maintenance and oil change, $12/mo.

We keep cars about 10 years. This is only worth about $6K as a 'cream puff'. So far, so good. Looks fine. Drives fine. Will need new tires soon. 2005 Jaguar X-Type VDP, with AWD. Wish they still made these; I'd buy another one.

We have 4 vehicles that my husband bought at an auction a few years ago....he keeps them running and they are not new but the license cost is low....1998 Cadillac Seville, 2000 Chevy Blazer, 2001 Buick Century and 2004 Isuzu Rodeo....also in the garage an old 1984 BMW that needs an engine. We don't have a car payment ....I don't care about new cars, as long as we have something that runs...

My car,a 2001 Hyundai Sonata is paid off and has been for many years.I don't even have 43000 miles on it yet and it's 12 years old.When I worked my job was less than 5 miles away,and when dh and I go out we take his vehicle.Then for quite a while in 2008,i didn't do much driving because of surgerys.Now i'm just content staying home,and generally only go out once a week or so,where dh goes out everyday.He thinks all the stores would close up if he didn't go everyday,not me,not a shopper and have never been one.

I havn't been to the mall in years,i just go to the strip malls,they have everything I need or want.Works for me.
Kathi

I'm glad to see someone with a car payment lindsey. I kept thinking, surely, not everyone has paid off cars? You enjoy that new car and breathe deeply in that fantastic aroma that is known as new car. Good for you to indulge yourself. You deserve it.

I haven't bought a car in 23 years (paid off for 20 years now. It's been great!) and I am sure I'm going to be in sticker shock. My plan is to have the car run one more year and then buy a newer car, with cash, but I may not make it since 24 years old is really old for a car. I'd like to make it to an antique plate which for TN is 25 years, maybe even have two cars. Living alone makes it harder when your car needs repairs or maintenance.

;)

what I missed out on was a lease for a chevy suv, at $129...I should have run over to the lot! but sat here, instead!

my 2003 originally was 7 grand down and $189 a month payments it was if I remember 4 years and used the credit union's amazing interest rates...

I'm in the market for a new car. I currently have a 2002 Honda Accord that has 79,000 miles. There's nothing *wrong* with it but I don't feel safe in it anymore as it's so low to the ground. It's hard to see at night as headlights are always in my eyes and I can't see around the big SUV's that everyone seems to have.

I haven't had a car payment in years so I spend very little, maybe $100 for insurance + gas. I will probably buy a new car, as the used ones I've seen aren't significantly cheaper (looking for a Honda CRV) and since I drive my cars into the ground, I think it's ok.

Right now I'm trying to figure out what I should pay for the car. I don't care what the monthly payments are, and I know the dealership always manipulates those numbers instead of focusing on the car cost. I anticipate a monthly car payment of maybe $400-$500 (I will probably not put much down if I can get the 0.9% rate they are advertising - our investments return a higher rate than the interest rate so the money makes more sense working for us).

My brain balks at financing a depreciating asset -- a car. Maybe in a time of high inflation...

Are people 'buying' more expensive cars than they can really afford? (Payments over 72 months? Why not a 15 year 'mortgage'?) Haven't most cars depreciated to nothing in a much shorter time? What does it cost to get out of payments before you've paid it off? Do you just keep adding to the debt?

I read about people carrying CC balances -- essentially paying 12% interest on bread and milk?

I think a lot of people are definitely buying more expensive cars than they can afford. A lot of people trade in their cars every year or two as well which can be a waste of money.

I don't blame people for financing as a safe, reliable car will be $15k+ and most people don't have that sitting around, but stretching it to 72 months to afford the monthly payment should be a big red flag that the car is too expensive for you.

We have a car payment of $500.00+ But we drive our cars for years. We only financed the car for 4.5 years, We sold the truck, so I am without a car (which I hate). We are thinking about leasing a car for me since we would have the Mazda for trips & stuff. I just drive around the area in which we live, so a leased car would be perfect for me. We are going to look into leasing me a KIA SOUL in January (I love the way they look) We had a KIA Sedona van that we drove for about 10 years, glad my mini van days are OVER!!!!

Orchid, we've owned many mazdas (we being he and I when was married). Daddy loves them too. Great cars. The current car is a Miata. I have loved that gal to death! It's one of the reasons I haven't let go. I say she's better than therapy. Toss the top down and off we go. Ah. My friend and I fight over whether your hair is supposed to whip wildly in the wind (me!) or you should wear a ball cap (him, in his saab), but whichever you pick, a convertible is just fun. Even being a girly girl, I have no qualms about pulling out the brush at the end of the ride. Lucky I have straight hair, that may help keep it reasonable.

chi, I totally agree with you. I think most of us buy a car outside of our financial grasp. My car payment (not gas, insurance, upkeep) was something like $300 a month and that was 23 years ago. Why? I hadn't paid off the Eclipse before trading. I learned the very hard way, car payments are killer. I've told my son, instead, save what you'd pay in payments until you have enough for the car. Why didn't anyone tell me that at 14 years old (or to begin saving at 8 years old)? Maybe I'd never have had car payments, but then again, maybe I would've. He won't. He likes riding the bus. He can read, play games on his tablet, and save his bucks. I'd ride the bus except it's really hard to get errands run without a car. Grocery shopping especially!

Including insurance, yearly state inspection and oil change and filter, and gas....about $50/month - my 1997 little suv (suzuki built Tracker GEO) .
I did get it repainted BMW Racing green about 10 years ago...because this car has never been in a garage or carport.

About $75 a month, and that's driving to work everyday. I have a 1996 Toyota Corolla. Still runs great and looks pretty good too. No new car smell though, but I think you you can buy air freshener for the car in new car scent. LOL. Thats for everything, gas, insurance, maint., everything.

We have a 2010 Prius, which is paid for. We didn't buy it to be "green", but because it was a good price, even brand new. We get 50 mpg, it has low maintenance requirements - oil change every 7500 or so, although it came with a 4 year free maintenance deal. Wear on brakes and other parts is minimal...I wish it had a larger gas tank - we live out here in the sticks, where there aren't any low priced gas stations. Just as a matter of principle, I don't like to let the gas level get too low, so I wouldn't mind a larger tank. But that's a minor gripe about the car....

I buy used autos outright and have not made payments for the last 33 years. I made my most expensive buy last year; I paid $14,000 for a 2005 Honda CRV. It had plenty of miles on it but the vehicle was in execellent shape and showed signs of good maintence. I'll probably keep it for 5 years or more or until the miles approach 200,000 miles. So far, it has been a very good buy. Trip mileage runs 27 to 30 miles per gallon at expressway speeds. It has the 2.4 liter 4 cylinder engine. Normally, this engine would be too small for this vehicle but Honda put varaible valve timing in it and it is ok for most drives. It is rated at 170 hp; newer ones make 175 hp. We have made 2 major trips: last year to Central New York and Ontario, Canada - 3000 miles. This year, we drove it to Colorado and Utah - 4000 miles, The only time I wished that I had more engine was during a drive into the Wasach mountains. I ran out of engine on one grade that was about a 20 degree slope and above 10,000 ft elevation. I had to go down to 1st gear to make that one. The rest of the time, it was ok.

If I had to do driving above 9000 ft elevation on a regular basis, I'd look for a larger displacement engine or one with a supercharger.