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Glossary of Terms
Car Payment
The monthly payment you make toward your auto loan or lease. It includes both principal and interest for loans.
Typical Range: Car payments can vary widely based on the vehicle's price, interest rate, and loan term. Generally, they range from $200 to $1,000 or more per month.
Typical Range: Car payments can vary widely based on the vehicle's price, interest rate, and loan term. Generally, they range from $200 to $1,000 or more per month.
Insurance
The monthly premium you pay for auto insurance coverage, which protects against financial loss in the event of an accident, theft, or other damage.
Typical Range: Insurance costs depend on factors like driving history, vehicle type, and coverage level. Averages range from $50 to $200 per month.
Typical Range: Insurance costs depend on factors like driving history, vehicle type, and coverage level. Averages range from $50 to $200 per month.
Gas
The monthly cost of fuel for your vehicle, based on driving habits and fuel efficiency.
Typical Range: Gas expenses vary based on fuel prices, vehicle efficiency, and miles driven. Commonly ranges from $100 to $300 per month.
Typical Range: Gas expenses vary based on fuel prices, vehicle efficiency, and miles driven. Commonly ranges from $100 to $300 per month.
Maintenance and Repairs
The cost of regular maintenance (like oil changes and tire rotations) and unexpected repairs.
Typical Range: Maintenance costs can vary by vehicle age and condition, typically ranging from $50 to $150 per month.
Typical Range: Maintenance costs can vary by vehicle age and condition, typically ranging from $50 to $150 per month.
Registration, Fees, Taxes and Miscellaneous
Costs associated with vehicle registration, state fees, taxes, and other miscellaneous expenses.
Typical Range: These costs depend on state regulations and vehicle type, often ranging from $20 to $100 per month.
Typical Range: These costs depend on state regulations and vehicle type, often ranging from $20 to $100 per month.
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