What Factors go into the Total Cost of Ownership?

More often than not, car buyers consider only the purchase price from the dealer when purchasing a car. They even spend a better part of their life trying to save up for a specific amount of money which will enable them to buy a car whose cost equates the savings. Credit financing is also an alternative source of funds which you can use to buy yourself a car, but have you put into consideration any costs incurred in the course of vehicle ownership? These post-expenses of your vehicle total up to give you the total cost of ownership.

The Ford finance professionals at Show Low Ford Inc. have summed up some of the vital costs for you:

  • Loan installments according to your bank's repayment schedule and interest rates
  • Servicing, repairs and maintenance costs
  • Government fees such as custom taxes
  • Parking fees
  • Insurance premiums which are determined by the value of your car

Take into consideration a summation of the above expenses to calculate monthly costs tied to the car. Determine whether your car will be budget-friendly before making your purchase. Should you tone down for a cheaper car? Visit our Show Low, AZ finance branch for advice from our automotive experts as you choose the car fit for your budget.

Categories: Finance

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