teen driving. dad sits in passenger seat

Many great things come with purchasing a new car. A new car gives you the peace of mind of having a reliable mode of transportation and a sense of pride that comes with new vehicle ownership. However, owning a new car comes with a lot of responsibility and many expenses. For new car buyers, unexpected expenses can make a new car purchase more costly.

The good news is that with proper planning, you can minimize common car expenses to keep your new car purchase more affordable. Here are four common car expenses that you can minimize with proper planning.

Gas

If you decide to purchase a vehicle with a large engine and poor gas mileage, you need to be prepared to pay a hefty fuel bill every week. Before you purchase that gas guzzler, you should keep in mind how much you travel on a daily and weekly basis and budget for the cost of gas.

Insurance

Insurance is another expense you must consider when budgeting for your new car purchase. It’s great to buy a new sports car, but you have to consider the insurance for an expensive sports car will be much higher than a less expensive vehicle. You should also consider that most people who drive sports cars tend to get more speeding tickets, which will raise your insurance rates.

Key Replacement and Lockouts

You probably never thought about replacing your keys or paying a locksmith to gain entry into your vehicle as a common expense that comes with owning a new car. Many modern vehicles use keys that contain microchips to prevent theft. While these keys make it difficult for thieves to steal your car, they are expensive to replace if you lose them. You should always keep a reliable locksmith on speed dial for emergencies.

It’s typically a good idea to find a good locksmith to make copies of your keys as a backup can save you a lot of money in towing, key replacement, and lockout charges. You should always have a good locksmith on speed dial for emergencies where you lock your keys in your car or misplace your car keys.

Car Payment

You can keep your car payment under control and more manageable by putting a larger down payment on your vehicle. You can also keep your monthly payments low by extending the term of the loan. While you may pay more in interest with a longer-term loan, you can have lower monthly payments to keep your monthly budget on track.

With some preplanning and budgeting, you can keep your new car expenses to a minimum to avoid becoming overwhelmed with unexpected or high bills associated with your new car purchases.

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