The expenses you should expect when buying a used vehicle

Buying a used vehicle is an important step and invariably comes with considerable expenses. We must therefore plan our purchase and, above all, take into account the expenses that come with the purchase of a vehicle.

Here is an overview of the expenses to be expected when buying a vehicle. At Auto One in Thunder Bay, our goal is to help our customers and these tips are part of that mission. By planning your expenses well, we know that you will be happy with your purchase and very satisfied.

Purchase cost

The purchase cost is obviously the monthly payment. This is the easiest expense to identify, but you should know that there will be other expenses at the time of purchase, specifically registrations and there may also be costs related to insurance if this is your first vehicle.

Cost of ownership

The costs of ownership are often the least often considered by buyers, especially those who do not have much experience purchasing a vehicle.

The costs of ownership include:

• Monthly insurance
• Annual registrations
• Maintenance
• Repairs
• Fuel
• Other costs (parking, tickets, etc.)

These fees can add several hundred dollars to your monthly budget. In general, it is wise to budget around the equivalent of 50% of the monthly vehicle payment for monthly cost of ownership.

You can also reduce these costs by purchasing a quality vehicle with a good reliability rating and whose quality has been inspected, like the vehicles you will find at Auto One. You can also reduce your fuel costs by making sure you buy a fuel-efficient vehicle.

Come to Auto One in Thunder Bay today and let our team help you find an economical, reliable and inspected vehicle that will fit your budget before and after your purchase.