SeaComm Federal Credit Union OFFICIAL BLOG

The Hidden Costs of Owning a Car

There’s so much more to owning a car than monthly payments on a loan or lease. Consider the following five costs when it comes to owning a vehicle:

Gas: The amount you spend on fuel will fluctuate along with gas prices and varies by vehicle, location, and how much you drive. Expect to spend $150-300 a month on fuel. 

Parking: Depending on where you work or live, you might need to factor parking costs into your budget. Parking expenses will vary by region, with lower costs in rural areas and higher costs in urban areas, such as New York City or Boston.

Insurance: This also varies according to a number of factors. The average cost of auto insurance in the U.S. is $88.50/month.

Vehicle registration fees: These fees may be annual or biennial. Some states will charge a flat registration fee, while others use factors such as the age of your car or fuel efficiency to determine your rate.

Maintenance: New cars cost an average of $1 in maintenance for every 10 miles. Older cars can cost an average of $1,000 a year in maintenance costs. This, of course, varies by vehicle and its condition when purchased. Maintenance includes oil changes, tire rotations, brake pad replacements and more. 

Are you interested in finding ways to save money on car repairs? SeaComm has teamed up with ForeverCar to offer a great new benefit that helps to eliminate the hassles of car repair. If your car qualifies, you could be eligible to purchase mechanical repair coverage at an exclusive member rate!

How it works:

  1. Get your instant ForeverCar quote.
  2. Customize your deductible.
  3. Use the licensed repair facility of your choice.

When your covered repair is complete, simply pay your deductible and drive on. Click here to get started.

TIP: If you are in the market for a new car, check out SeaComm’s online auto buying center, Garage Gizmo! You will have access to a full view of the interior and exterior of all types of vehicles located at local dealerships. You will also receive a complete car description, which details the equipment, specifications, safety features, crash test ratings, warranties, recalls, and more. Click here to get started.

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