Monthly Budget Impact Tool Calculator
Frequently Asked Questions
How much should I budget for car ownership beyond the loan payment?
Budget an additional 40-60% beyond your loan payment for insurance, fuel, maintenance, and registration. For example, a $300/month loan payment typically costs $450-$480/month in total ownership costs.
What are typical monthly car ownership costs?
Typical costs include: loan payment (varies), insurance ($100-$300/month), fuel ($100-$300/month depending on driving), maintenance ($50-$200/month), and registration/taxes ($20-$50/month). Total typically ranges from $400-$1,200/month.
How does driving mileage affect monthly costs?
More driving increases fuel and maintenance costs directly. Driving 1,000 miles/month typically costs $100-$150 in fuel and $60 in maintenance. At 2,000 miles/month, these costs roughly double.
Are all car ownership costs predictable?
Loan payments, insurance, and registration are predictable fixed costs. Fuel varies with gas prices and driving habits. Maintenance is less predictable - newer cars have lower costs, while older vehicles may have unexpected repairs.
