![]() ![]() And new cars depreciate at a higher rate in year one. While it's difficult to calculate, on average cars lose about 15% of their value each year for the first five years, and then depreciate more slowly after that. Note on depreciation: You may want to think about the resale value of your car, especially if you plan to sell it after a few years. monthly cost of ownership after car is paid for: monthly cost of ownership while car is being financed: incl. (To make things easy we marked the less expensive options in green and the more expensive options in red.) And feel free to try out new options simply by changing your details above and recalculating. Keep in mind that the cost per gallon is greater for cars that require premium fuel. gas price per gallon: * Obviously this will fluctuate, but entering something here allows you to see how your car choices compare. miles per gallon (MPG): * You can look up a car's MPG here.Įst. We highly recommend doing as much research as you can on the reliability and maintenance costs of any car you're considering buying in order to make sure that the cost of keeping it running fits with your budget.Įst. But your car will need additional maintenance, and some cars may be more prone to expensive repairs than others. This will, of course, include oil changes (usually every 3,000 to 5,000 miles) and tire changes (usually every 36,000 to 60,000 miles). If you save this over time, you will be prepared for unexpected repairs. If you don't have specific information for your car, we recommend budgeting for at least $1,200 in maintenance ($100 per month). yearly maintenance and repair cost: * This will vary from month to month and depend on your vehicle. ![]() It's a good idea to contact your city or county for an accurate assessment of the tax you'll pay on any car you're considering.Įst. Property taxes vary widely, ranging from $0 to over $950/year. Yearly registration fees and/or property tax: You can check out this list of registration fees to find the fees in your state. You’ll want to reach out to your insurer for accurate rate quotes on any cars you're seriously considering. Rates vary widely based on your age, gender, driving record, and many other factors including the car itself. Yearly insurance premium: * According to this site, the average annual insurance premium for a single driver is around $900. Wouldn’t it be great to drive your car for awhile without making monthly payments? # of months financed: * Consider financing somewhere between 36–60 months in order to reduce the amount of interest you pay and to maximize the resale value and reliability of your car after it has been paid for. Rates are subject to change, so we recommend checking with a site like Bankrate to get an idea of current rates or with the financial institution you plan to borrow from. # of years you expect to own your car: * As a guide, Americans keep the new cars they purchase for an average of 6.5 years, according to 2015 study.ĭown payment: The more you can pay up front, the less interest you'll have to pay over time and the faster you can potentially pay off your loan.įinance rate (APR): Over the last few years, the average rate has been between 3 and 5 percent. Each state taxes car purchases differently, so check out this list of resources to find the rates in your state.Įxtended warranty: Enter if applicable and not included in the price of the car. The FCA’s register can be checked for details of their permissions, history and contact details.Ĭopyright © 2023 Volvo Car Corporation (or its affiliates or licensors).Sales tax: Enter if applicable and not included in the price of the car. Wrisk Transfer Limited authorised and regulated by the Financial Conduct Authority, Firm reference No. Registered office: 45 Gresham Street, London, EC2V 7BG. Volvo Car UK Insurance is arranged and administered by Wrisk Transfer Limited, registered in England and Wales under company number 10657213. 933949 will fulfil your Personal Contract Purchase & Volvo Loan as either a Conditional Sale or Fixed Sum Loan Agreement. Volvo Car Financial Services UK Limited, authorised and regulated by the Financial Conduct Authority, Firm Reference No. Lease & Subscription, which are Hire Agreements will be entered into by UK Automotive Solutions Ltd which is an Appointed Representative of Volvo Car UK Limited, authorised and regulated by the Financial Conduct Authority, Firm Reference No. Volvo Car UK Limited is a credit broker not a lender and can introduce you to a limited number of lenders and their finance products. Registered office: Scandinavia House, Norreys Drive, Maidenhead, Berkshire, SL6 4FL.Volvo Car UK Limited authorised and regulated by the Financial Conduct Authority, Firm Reference No. ![]() Cookies Legal Privacy Business Information Modern Slavery Act Statement Volvo Car UK Limited, registered in England and Wales under company number 02281044. ![]()
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