Auto Budgeting issues

[rvchat]

Somehow the car + insurance + gas (not a Jaguar or a Porsche mind you) is a huge expense for us every month

what do you estimate the car costs you monthly and any tips on lowering costs? thanks all

 

[angierae]

I bought a slightly used car (18 months old, 20k or so miles on it) so my payment is under $200 a month. My insurance runs about $80, and I spend about $80 a month in gas.

I drive a small car (A Chevy Cobalt), I live close to work (when we were house hunting I was also job hunting, so we specifically looked in the same area for both our house and my new job) and I try not to drive any more than necessary.

 

[Darcy03231]

1. Take a good look at your policy and see if you can trim some money off. We upped our deductible from $250 to $500 and got rid of towing & rental coverage (we have AAA and an extra car, no need for either one). Also, if you have an older car are you still paying for collision coverage? If so, you might want to look into dropping it.

2. Shop around. Every year before the policy expires I get quotes from other companies. 2 years ago we saved over $800/yr by changing companies (5 cars, 4 drivers).

 

[mrodgers]

Somehow the car + insurance + gas (not a Jaguar or a Porsche mind you) is a huge expense for us every month

what do you estimate the car costs you monthly and any tips on lowering costs? thanks all

What is yours?

2nd poster pays slightly more than half for their entire transportation cost than my wife and I pay in gas alone in a month.

 

[DawnM]

No car payments and hope to never have one again, even if we have to buy older cars from now on.

We have 3 cars- insurance is $85 (lower than it has ever been!), we estimate gas around $200-$250 if we aren't on any vacations for the month. However, DH does pay $55 for a train pass in addition, which keeps our gas bill lower.

Total (including train pass) $300 or so for 3 cars.

Dawn

 

[furb & dez]

Car is paid off, so no car payment for me...
Insurance runs about $70 per month
Gas is about $30 per month

== $100/month

Alas, the poor girl is reaching the end of life, however. So at some point this year I'll be buying a new(er) car. (Never buy a "new" car, you lose half of your money just driving it off the lot)

 

[Swimalie]

I bought a new car in June (Subaru Forester). Paid for it with a check so no car payment. The insurance is about $41 a month and gas is around $70 a month.

 

[rvchat]

$30 on gas? how do you do it?

amazing

Car is paid off, so no car payment for me...
Insurance runs about $70 per month
Gas is about $30 per month

== $100/month

Alas, the poor girl is reaching the end of life, however. So at some point this year I'll be buying a new(er) car. (Never buy a "new" car, you lose half of your money just driving it off the lot)

 

[NotUrsula]

$30 on gas? how do you do it?

amazing

Not so amazing if you drive a fuel-efficient vehicle and design your life so as to limit how much and how far you drive.

I'm stuck because I have a fairly long commute (12 miles), but I find that working an unusual schedule helps quite a bit, not getting stuck in traffic equals less gas burned.

Start by taking a hard look at your driving habits; not how far you drive, but HOW you drive. Read about hypermiling; some of the things they do are a bit out there and in extreme cases may even be hazardous, but hypermilers have quite a few more ordinary habits that both save fuel AND wear and tear on your vehicle; it is worth looking at to see if there is a bad habit you've developed that may be costing you money. (This time of year one of the most common is leaving the heat on when you start the car cold. Turn it off until the engine warms up, because otherwise you are just using gasoline to blow cold air around. Also, if you get into a car last driven by someone else, don't turn on the engine until AFTER you have put on your belt and adjusted the mirrors and seat; the gas you use while you fiddle with all that adds up over time.)

 

[furb & dez]

$30 on gas? how do you do it?

amazing

Relatively fuel-efficient car, 2 mile commute, don't drive like a jerk.

That's for super unleaded, btw.

 

[LuvLuvLuv]

$502 car payment for me
$450 car payment for him
$134 car insurance for me and dh... but i pay it
$260 per month for my gas
$120 per month for his gas

 

[Cindy B]

$502 car payment for me
$450 car payment for him
$134 car insurance for me and dh... but i pay it
$260 per month for my gas
$120 per month for his gas

Oh my goodness. over 900 dollars on car payments alone... that is more than my mortgage.

Why so much per month on gas? Do you have long commutes?

The car insurance doesn't seem too bad (at least for my state). Double check your deductibles and discounts. Of course what you drive, your age and where you live are also conditions with car insurance. Since you have payments, you are stuck with full coverage.

You realise that you would have been better off getting a cheaper car with minimal gas (thinking Prius or the like) and you could have snowballed the debt into the other vehicle.

How much further along are you in your payments? Any way to trade down (while lowering your payments) without being upside down?

I haven't had a car payment in three years and I lOVE it! DH hasn't had one in about 7 years.

Lets do some math: 952 (total car payments) x 12 = 11, 424
134 (insurance) x 12 = 1,608 - now I am just assuming it is a monthly bill. It could be quarterly, so then you would multiply by 4
380 (gas) x 12 = 4,560

grand Total yearly cost. 17,592 - not including maintenance or repairs.

 

[Cindy B]

$30 on gas? how do you do it?

amazing

My hubby does about $75 on gas every 3 to 4 months. He fills his tank (Expedition) and only drives maybe 25-50 miles per month. He works from home and we use my fuel efficient car for errands around town.

I think the last time he put gas in the truck was either October or November. It wasn't December or January.

 

[Cindy B]

As for finding affordable transportation, don't get suckered in to what you or someone else finds an "affordable" car payment. Some people think a zero car payment is the only way to go, and some have no problem with a $700 or $800 payment.

The best thing is no payments, but sometimes you can't do that. You find the least amount you want to pay and not kill your wallet. Do not forget about insurance, taxes, maintenance fees and the like. Sometimes while we all would love the coolest most exciting thing around, we need to be practical and say "I can't do that". I'm not saying that we all should be driving beat up cars, but something sensible for your budget. I had a number in my head that a car payment should never be higher than $250 per month.

I had payments for my Toyota for about 3 months. I didn't want to put all the money down for it (felt like too big of a purchase) so I held back about 3 months and with zero interest I paid the amount off in three months. Maybe I should have paid the whole thing off but I didn't.

I understand that some people are car people. Only a certain brand or model will do. Some people appreciate the model/make and some just want to have what others have. Some (like my parents) will only buy American. I take a car for what it is- a mode of transportation.

I don't have the flashiest, newest thing. (good thing too-- I work in one of the most dangerous cities in America--it could be stolen). Having a sensible car means lower insurance rates.

 

[LuvLuvLuv]

Oh my goodness. over 900 dollars on car payments alone... that is more than my mortgage.

Why so much per month on gas? Do you have long commutes?

The car insurance doesn't seem too bad (at least for my state). Double check your deductibles and discounts. Of course what you drive, your age and where you live are also conditions with car insurance. Since you have payments, you are stuck with full coverage.

You realise that you would have been better off getting a cheaper car with minimal gas (thinking Prius or the like) and you could have snowballed the debt into the other vehicle.

How much further along are you in your payments? Any way to trade down (while lowering your payments) without being upside down?

I haven't had a car payment in three years and I lOVE it! DH hasn't had one in about 7 years.

Lets do some math: 952 (total car payments) x 12 = 11, 424
134 (insurance) x 12 = 1,608 - now I am just assuming it is a monthly bill. It could be quarterly, so then you would multiply by 4
380 (gas) x 12 = 4,560

grand Total yearly cost. 17,592 - not including maintenance or repairs.

Yeah It's a lot. If you put both together... it's more than our mortage ($890) Sigh. We both got the cars when we first started dating. I had to wrap my previous car that was having lots of problems in mine. He wrapped his old truck into his--gas in truck was too expensive (4.25 at the time). Luckily... his car gets better milage and he works close to home. I have a crossover SUV and although it does "okay" on gas... but I work downtown and sit in 2 hours of traffic per day--that's where the biggest problem comes in. We also both have 2 jobs--so it's like double the running, lol. They will be paid off in 2014 We just put our insurance together and I'm pleased with the rate. If we can just get through the next 2 1/2 years of payments we'll be good to go!! We also are in debt plans and will be credit card/medical bill free in March 2013!!

 

[Cindy B]

Yeah It's a lot. If you put both together... it's more than our mortage ($890) Sigh. We both got the cars when we first started dating. I had to wrap my previous car that was having lots of problems in mine. He wrapped his old truck into his--gas in truck was too expensive (4.25 at the time). Luckily... his car gets better milage and he works close to home. I have a crossover SUV and although it does "okay" on gas... but I work downtown and sit in 2 hours of traffic per day--that's where the biggest problem comes in. We also both have 2 jobs--so it's like double the running, lol. They will be paid off in 2014 We just put our insurance together and I'm pleased with the rate. If we can just get through the next 2 1/2 years of payments we'll be good to go!! We also are in debt plans and will be credit card/medical bill free in March 2013!!

Wrap-- does that mean that you had a previous car that you had payments in and you rolled those previous car payments into your current car payment?
So in essence you are paying for a car you don't even really have?

Being upside down is awful-- repairs cost too much but you need to have a car.

I see two hours driving- would public transportation takes some of that away? Maybe a train or light rail?

 

[Disney845]

We have 2 paid for cars, so no car payments.

Insurance on the two is $108/month.

Gas is usually around $100 for the two for the month. We both work close to home (wasn't always the case, so these short drives to work are great!).

 

[LuvLuvLuv]

Wrap-- does that mean that you had a previous car that you had payments in and you rolled those previous car payments into your current car payment?
So in essence you are paying for a car you don't even really have?

Being upside down is awful-- repairs cost too much but you need to have a car.

I see two hours driving- would public transportation takes some of that away? Maybe a train or light rail?

Yeah... wrap, roll... lol--2 cars in one we made sure to put gap insurance on both in case something would happen.

I wish the bus was an option for me, but with working 2 jobs and only having an hour in between--it's not reliable enough. I also pay $20 a WEEK for parking downtown. The better solution would be to find a job closer to home. We just pray that after we pay these off that we won't be in this situtation again!! ((unless of course we both get big raises ))

 

[disneyofcourse]

I think my average is $280 month on gas with the 30mpg car that I usually use. On heavier travel months that goes up maybe $60. Luckily, I don't have a $900 monthly payment anymore and this car is also paid for!


Meanwhile I think my mom uses at least $80 of gas a week with a 15-18mpg suv. Her payment is in the $700 range but she only has a couple months left.


Like someone said only you know what's best for yourself. Some people are comfortable having a $500+ payment each month. Others cringe at any payment.

 

[monarchsfan16]

Just refinanced (it was a better deal to take the rebate for financing through Ford, and then refinance), so my payment on my 2011 Ford Escape is $199/month. I put a lot down and pay extra. Hoping to have it paid off in 3 years or less. Bought the car in August.
Insurance was discounted if I paid lump sum for the year. That was $749 total for 12 months.
Gas is my killer...somewhere between $300 and $400 a month. We won't talk about my commute...to work...or between work sites. I also pay about $25/month in tolls. That's with a $12-$15 a month EZ Pass discount. Yes, I could have bought a more fuel efficient car, but this is more efficient than my old car, and I'm comfortable in it. I'll move closer to my job in a year or 2.