What You Don’t Know Can Cost You

Looking at only the sticker price? You’re missing the real cost. Here’s what you don’t know can
drain your wallet:

1. Insurance Premiums

• Nationwide drivers pay an average $2,000+ annually, making it often the single largest hidden
  cost
• Your credit score, driving record, and even vehicle type (luxury, EV or sporty models cost
  more) drastically affects your APR and premiums.

1. Fuel & Mileage

• At 12,000 miles/year averaging 25 MPG and ~$3.50/gallon, expect $1,600+ per year just in
  fuel.
• Fuel efficiency matters: hybrids and efficient sedans save thousands over time.

1. Maintenance & Repairs

• AAA data shows about 10.13 ¢/mile meaning $1,200/year just in upkeep
• Luxury brands (BMW, Mercedes) can cost 2–3x more for simple oil changes, brakes, or
  tires—thanks to expensive OEM parts and dealer labor

1. Tire & Brake Replacement

• High-end or performance tires can cost $200–$400+ each, and premium brakes often exceed
  $1,000. When it comes to tires remember your car will only handle conditions as well as the
  rubber its riding on!

1. Financing

• Today’s average new car APR is ~6.5%, used ~11%. On a $30k loan, that’s $5k+ in interest
  over 5 years.

1. Taxes, Fees & Registration

• Licensing, registration, and state taxes tack on hundreds or more per year, often overlooked
  until renewal.

1. Parking, Tolls & Inspections

• Paying to park? Regular urban parking can cost $500–$2,000 annually.
• Toll-heavy commutes add a few hundred dollars/year depending on location.
• Some states require emissions tests or safety inspections: $20–$100/year extra
  The True Cost
• According to Bankrate, hidden car costs average $6,684/year—or $557/month—on top of your
  payment

How to Protect Yourself on a Tight Budget

1. Research model-specific repair costs—luxury models have steep parts & labor.
2. Boost your credit score (better loan APR & insurance rates).
3. Choose efficient models
4. Budget for insurance before you buy. Looking into other areas like maintenance, tires,
   repairs, parking, and tolls can also be a smart move.
5. Learn to do your own maintenance or find a good independent shop that can do it for you.
   What You Don’t Know CAN Cost You—so let My Car Insight help turn uncertainty into smart
   decisions. From car buying guidance to budgeting strategies, we’re here to help you make
   confident, informed choices. Visit MyCarInsight.com to get started.