On owning a car

Saturday, September 07, 2013

When looking at the overall Toyota cost of ownership, there are many recurring bills that you should take into account. These are things that you may have to pay on a monthly or a yearly basis. They all factor into the total cost of owning and operating a motor vehicle in the modern day. 

To start, you have to pay off the car loan if you borrowed money. The price for this differs greatly for different vehicles, loan lengths, interest rates, and things of this nature. However, you should assume that it will be at least a few hundred dollars every month. 

Next, you have to pay for the license and registration. When you pay, you get a sticker that goes on your license plate, showing that you have paid for the year. Every year, you have to pay again, and then you get a sticker of a different color. This is not terribly expensive, factoring out to just around ten dollars a month for most people. Since you have to pay all at once, though, you need to make sure that you have the money on hand when your current plate sticker expires. 

Finally, you have to pay for insurance. You must have at least PLPD, which is basic coverage, if you are going to drive legally. You can choose to buy more comprehensive coverage if you would like. The cost of insurance is impacted by the type of plan, the value of the car, and your driving record.

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