What Does Total Ownership Cost Comprise of?

The automotive market is saturated with many make and models that you can look at just by a click of a button. The total cost of ownership is essential whenever one is buying a car. It includes not only price of the vehicle but also other costs. The following are some factors which contribute to the total monthly value of your car, compiled by our staff at Otis Ford Inc.:

  • Vehicle depreciation. If you buy a new car, the depreciation of the vehicle will be the first cost of ownership in the first few years. On average, the new car tends to depreciate faster in the first years.
  • Taxes and fees. On purchase of a vehicle from a dealership, there is a long list of charges and taxes you have to pay. Some of these fees and taxes include title fees, sales tax, and annual fees.
  • Car insurance cost. When purchasing a new car, insurance cost is incorporated in the total cost of ownership. The car insurance cost will differ based on the model of the vehicle, safety features, age, the cost to repair and many other factors.

If you need a new and affordable car, you may consider visiting our finance center in Quoque, NY. Our staff will advise and guide you on the right make of a vehicle that fits your budget in no time!

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