Owning a personal vehicle is a common trait for people living in Fort Worth, TX. Although some can get away with relying on public transportation or bicycles to get around, most will choose to have their own vehicles so that they have the freedom to drive where they need to.
Perhaps you are considering buying your first vehicle and are very excited about the prospect. A car is a big investment that can cost you thousands of dollars, both upfront and over time, as you pay back the car loan.
There are quite a few extra costs associated with buying a car that you may not realize if this is your first vehicle. To help you get an accurate picture of the investment it will require to own a car, here are a few of the extra costs that drivers in Fort Worth, TX, can expect to incur.
Insurance
One of the largest extra costs of car ownership is auto insurance. Today, you cannot purchase a vehicle from a dealership without having an insurance policy ready to go. Insurance is a monthly premium that you pay to be protected in the event of a collision. These premiums can be affected by the type of car, the age of the driver, and past driving history. If you have children who are just learning to drive, this parent’s guide to insuring teen drivers could be very helpful. Shop around for good insurance rates before you purchase a car so you know what kind of monthly payments you may be in for.
Luxury Features
There are a lot of customization opportunities when you buy a car, especially if it is a newer model. Some of these features include auto-parking, entertainment systems, heated seats, and specialty aesthetic elements. When you first purchase the vehicle, including some of these features will drive up the price of the car. If you decide to add features after owning the vehicle for a while, such as car window tinting, then you will have additional costs in the future. The more extra touches you add to the car, the more money you will end up spending.
Tolls and Parking Fees
Driving your vehicle to different places, including around Fort Worth, means that you have to pay for certain privileges. For example, driving on the interstate will require paying for tolls, something that is not necessary for public transportation users. Additionally, since you are going to keep your vehicle parked at the destination, there may be parking fees that you have to cover. This is an extra cost that new car owners may not have considered, and it can start to add up if you are not careful.
Vehicle Maintenance
One of the largest costs that you will incur as a car owner is ongoing maintenance fees. Regular inspections, oil changes, tire rotations, brake pad replacements, and other maintenance tasks will have to be completed regularly, bumping up the total cost of owning a car. On top of those routine repairs, other issues can occur within the complex machine that is your car, forcing you to pay for replacement parts and the labor of auto mechanics. Vehicle maintenance can be a heavy cost, especially if you do not take good care of your car, so consider these expenses before purchasing your vehicle.
Vehicle Registration
If you operate a vehicle while living in Texas, then you must pay the registration fee. Registering your vehicle in Texas can have a varying cost depending on the weight of the vehicle, whether or not you are a new resident, and whether it is a commercial or personal vehicle. Driving an unregistered car can result in hefty fines if it is discovered by the state, so make sure you include this cost in your budget for owning a car.
Gas/Fuel
Perhaps the most obvious extra cost of owning a vehicle is paying for gas. If you purchase an electric car, then you will have to cover the costs of charging the vehicle either at a charging station or at home. Miles per gallon or miles per charge can have a big impact on the amount of money you will spend on powering the vehicle, so consider what your driving habits are and the kind of mileage you will need from the vehicle you plan to purchase.
A Car Costs Much More Than the Sale Price
After reading through this list, you probably understand that cars cost more than meets the eye on the dealership website. As you are making a budget for your first vehicle and the expenses that will be required to own it, don’t forget about any of the costs listed above. Between insurance, gas, registration, maintenance, and any added features you desire on the vehicle, you will be spending a lot more than the initial down payment plus the monthly auto loan payments. Take these elements into account so you have an accurate picture of what it truly costs to own a personal vehicle in Fort Worth, TX.
