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Buying a new car is a big investment, whether you’re splurging on a luxury vehicle or keeping it thrifty with something more practical. When you’re researching your options, budget is likely your number one concern. However, there are several factors to keep in mind besides the price tag. Make sure you consider these costs as well before you commit to your new car.

Insurance Coverage

If you already have great auto insurance Lorton VA, talk to your representative about what changes you can expect with the make, model and year you’re interested in. Even if it’s a very similar vehicle, the increase in value can have a significant impact on your rate. It may be a great time to search for a new insurance provider. Shop around for free quotes to make sure you’re getting the best price.

Average Gas Mileage

When you’re thinking about how your monthly budget will change with a new car, there’s more to consider than just auto loan payments. Research the average gas mileage for the car you’re interested in and then calculate how far you typically drive in a month. You might get a great deal when you upgrade your sedan to an SUV but you’ll certainly spend more on gas each month.

Value and Depreciation

When it comes to automobiles, brands and models really matter, not just in initial costs, but in value over time as well. Jeeps, Toyotas and Hondas tend to depreciate the least as time goes by, although how well you take care of them and how many miles you put on them can also impact the overall value. Consider your long-term goals before you purchase that new car. Spending just a little more up front could save you a lot in the future should you try to resell or trade it in.

When you’re ready to upgrade your ride, research every detail to ensure you can actually afford your top choice. When you consider these extra costs, you’ll be able to build a realistic budget that can help you avoid financial trouble in the future.

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