Car
The True Cost of Owning a Car: Beyond the Sticker Price
Owning a car costs over $12,000 per year on average. Here's the full breakdown of every cost -- depreciation, insurance, gas, maintenance, and more -- with 5-year TCO comparisons.
Payment vs Price Translator
The dealer says $450/month. Here's what that ACTUALLY costs you. Shows total with interest at different term lengths.
Payment vs Price Translator
The dealer says you can afford it at $450/month. But what does that REALLY cost you?
$
$100$2,000
The number the dealer keeps repeating
6.9%
0.0%15.0%
Ask for this number — dealers don't always volunteer it
$
$0$50,000
That $450/month payment? It's actually a $29,469 car that costs you $35,400 total.
Here's what I'd tell a friend
Here's what I'd tell a friend: if you can swing $450/month instead (a 48-month loan), you'd save $3,160 in interest. Dealers love quoting low monthly payments on long terms because it hides how much you're really paying. A shorter loan term is almost always the smarter move.
36-month loan total
$19,200
$1,604 in interest (9.1% of car price)
48-month loan total
$24,600
$2,771 in interest (12.7% of car price)
60-month loan total
$30,000
$4,220 in interest (16.4% of car price)
72-month loan total
$35,400
$5,931 in interest (20.1% of car price)
84-month loan total
$40,800
$7,887 in interest (24.0% of car price)
Vehicle price (72-month)
$29,469
What the car is actually worth
Interest markup (72-month)
$5,931
You're paying 20.1% more than the car's price
Savings: 48mo vs 72mo
$3,160
Interest saved by choosing a shorter term
The Money Friend
That $450/month payment? It's actually a $29,469 car that costs you $35,400 total.
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This calculator provides estimates for informational purposes only and does not constitute financial advice. Actual costs may vary based on your creditworthiness, location, and lender. Consult a licensed financial advisor or mortgage professional before making financial decisions.
Interest rates, payments, and loan terms shown are examples for illustration purposes only and do not represent an offer to lend, a commitment to make a loan, or a guarantee of any specific rate or term. Actual rates and terms are determined by lenders based on your individual credit profile and may differ from examples shown.
Past performance and historical data do not guarantee future results. Equal Housing Opportunity.