Car Cost Calculator



 
 

Car Cost Calculator

This car cost calculator figures the true cost cost of ownership for running either one car or comparison between two cars.

This calculator makes it easy to compare car costs on totally different deals from new to used factoring in all the relevant expenses (depreciation rates, interest rates, purchase prices, insurance costs, mpg ratings, etc.).

To calculate costs for a single car click on the "Single Car Calculation" radio button, fill in the left-hand column with the vehicle cost data and then click the "Calculate Car Cost" button. To compare two cars click on the "Double Car Calculation" radio button, fill in the both columns data and then click the "Calculate Car Cost" button. If both vehicles have similar data, you can fill in the first column with the "Single Car Calculation" radio button selected, and then click on the "Copy Car #1 Entries to Car #2" button to fill in the right-hand column (be sure to switch to the "Double Car Calculation"). Then just change any cells that are different before calculating.

Single Car Calculation Double Car Calculation
Entry Descriptions Car #1 Car #2
Purchase price:
Enter sales-tax percentage:
Enter annual license cost:
Enter extended warranty cost:
Will you be financing this car?:
Enter down payment amount:
Enter financing rate (APR):
Enter financing term (# months):
Enter annual insurance cost:
Enter expected annual driving mileage:
Enter car Miles Per Gallon rating:
Enter cost of one gallon of gasoline:
How many years old is the car?:
How many years do you expect to own this car?:
Enter estimated monthly maintenance/ repair cost:
Tax, License, and Warranty Costs:
Depreciation Costs:
Finance Costs:
Insurance Costs:
Fuel Costs:
Maintenance & Repair Costs:
Total cost of owning the car:
Annual cost to own this car:
Cost per mile:

The True Cost Of Owning A Car

Owning a car is one of the major purchases in your life next to buying a home. It is exciting to buy a new car but as a consumer you should know the true cost of owning a car. The money you paid to the car financing company is not the real price tag of the car. There are other expenses associated to owning a car like fuel cost, depreciation expense, repairs and maintenance, etc. To determine the real price tag of the car, calculate the cost and compare the cars using the car cost calculator.

Understand The Cost Of Owning A Car

It is important to understand the costs of your car before making a purchase so you can be readily prepared financially and decide which car gives you maximum value. Be an informed consumer by understanding the costs associated in buying a car.

Sales tax
Just like any other commodity, you pay sales tax when you purchase a car. The sales tax is comparable to the cost of the repairs and maintenance of your car.

Annual License Fee
The annual license fee is your regular payment to use your vehicle on public roads. For you to be able to drive your car legally on the road, you need to pay the annual license fee annually.

Extended Warranty Cost
This is an optional additional payment to your car dealer to protect yourself in case of unexpected major cost due to mechanical failure.

Depreciation Cost
This is the largest cost of your car. Depreciation is simply the wear and tear cost which reduces the value of your car after a few years. The depreciation rate for each car varies. An average car depreciates about 65 percent at the end of five years. It is important to know the depreciation cost of your car since this is an important factor if you want to sell your car after a few years. Resale value is calculated by deducting the depreciation cost from the original purchase price.

Fuel Costs
Depending on the engine and the mileage capacity of the vehicle, the fuel cost will vary. The fuel cost is one of the most expensive factors in owning a car. Calculate the fuel cost of your car to determine how much you need to allocate in your monthly budget.

Interest
Interest is calculated directly to the price of the car. This is the most obvious addition to the price tag of your car. If you multiply your car monthly payments over the term of your loan and add the down payment, you will be surprised how much huge is the interest. Before you decide to buy a car, shop for the best financing rate in your area.

Car Insurance Premium
The car insurance premium is the payment that you cannot avoid when you purchase a car. It is important that you shop around for the best insurance rates and understand the coverage of your insurance premium before deciding which insurance you want to buy.

Repairs and Maintenance
Modern cars do not require too much repairs and maintenance compared to the old cars. It is estimated that you spend around 4 percent from the purchase price for the repairs and maintenance of your car for the first 5 years.

Car Accessories
For those people who are very fancy with their car, they buy some accessories. These accessories may be bought at a one time cost but this will add to the price tag of your car.

Summing Up

When buying a car, do not focus merely on the price and the payment you made to the car dealer. Consider the additional costs in owning a car and calculate the real cost of owning. Be a wise consumer. Calculate and compare prices of the car to determine which vehicle best fits your budget. The above car cost calculator will help you determine which vehicle saves you money to make your buying experience more enjoyable.

Car Cost Calculator Terms And Definitions

  • Purchase Price – The capitalized cost of the vehicle after deducting the down payments or trade-in amount.
  • Down Payment – The initial amount paid to the dealer.
  • Term – The length of the lease in months.
  • Trade-in Allowance – The value of your old vehicle.
  • Sales Tax Percentage – The tax percentage you pay during the lease term.
  • New Car Interest Rate – The interest percentage of the loan.
  • Wear and tear – The stress on the car caused by normal use.
  • Depreciation Fee – The amount reduced from the value of your vehicle due to age, mileage and wear.

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