What are the costs involved with owning a vehicle?

Owning an automobile can mean freedom to some people and status to others, but to all owners it means money. Vehicles have ongoing costs, and it's important to have an idea of what the total cost of ownership is.

Most people who buy a car get a loan to do so, so you have to account for those costs. Paying interest on a loan means you will pay hundreds or even thousands extra than the car is really worth.

Anyone who drives a car or truck needs insurance, so that is another cost. Depending on your driving record, type of vehicle you have and level of insurance coverage, it can cost anywhere from several hundred to a few thousand a year for insurance.

Maintenance is another cost. You will have regular maintenance costs such as oil changes and tire rotations, as well as one-time unexpected costs.

Here at Grand Blanc Motorcars, LTD in Grand Blanc, MI, we can explain all the costs of owning a vehicle.

Categories: Finance