The Hidden Costs of Car Ownership - What You Need to Know
When most people shop for a car, they usually just focus on the monthly payment or the asking price. However, the true cost of car ownership extends far beyond the negotiated price or the loan payment, with hidden expenses that can add thousands of dollars annually to your budget. From state-specific excise taxes to unexpected repair costs, understanding these hidden expenses is crucial for making informed financial decisions about vehicle ownership. To help familiarize young car buyers, we have compiled a list of the most common hidden or unaccounted car costs that are rarely disclosed prior to purchase. hidden costs of car ownership Sales Tax While most car buyers that reside in states that collect sales tax realize they will have to pay some amount towards sales tax as they do on everything they purchase, they often underestimate this cost. Unlike other purchases, car sales tax can add thousands to your tota...