Planning Ahead

You are planning ahead for your vehicle purchase. Instead of starting your buying journey at the dealer (or with online ad shopping), you decide to figure out how much you can afford. You don’t have enough saved up to pay cash, but have a down payment. You’ve figured out how much of a monthly payment you can afford. You’ve even given yourself a little breathing room. Is that all you need to consider?

License and Registration Please

Not really. Don’t forget about other expenses, such as license, registration, gasoline, maintenance and repair. Some costs, such as fuel, you can build in to your monthly spending plan. But others take more planning.

According to the Oregon DMV, the fee for two-year passenger vehicle registration is $248- for the standard passenger plates. For renewals, or used vehicles, it is $112 for the two years. The cost is higher for any kind of special plates, and there could be other additional fees. See the ODOT License Plate page for details. The regular Title fee is $93.

Auto Insurance Will Vary

How about insurance? If you are replacing another vehicle, you might think the cost will be about the same. It will vary based on a variety of factors. The only way to know for sure is to get a quote on the vehicle you are considering. Don’t forget major upgrades or add-ons. Our local insurance partner, Cascade Insurance Center, can get these for you at no charge; you can email Lauren for details.

Fuel costs may change significantly over time. It wasn’t long ago gas averaged over $4.50 a gallon. Use www.gasbuddy.com to see current prices in Central Oregon, or by your zip code. As of this writing, the average price for a gallon of regular gas in Oregon was $3.29, with a range in Bend of $3.03 to $3.44.

Repair & Maintenance Can Be Expensive

Don’t forget about maintenance and repair. Many months these will not be in your budget, but when they are, maintenance and repair can cost a significant amount. Newer vehicles would have less repair expense, but might be expensive for routine maintenance. In a recent Consumer Reports Survey, a 3-year-old Subaru averaged $180 annually in maintenance and repair costs, while a 10-year-old model averaged $695. Vehicle brand costs annually ranged for $0 to $390 for the 3-year costs, to $315 to $1,125 for the 10 year old models. Plan ahead!

Factor In All Expenses

The key is to know these costs when choosing the type of vehicle you want and factor in the additional expenses before you start looking. If you find that perfect vehicle first, you might be tempted to overlook the costs that come later.

Mid Oregon Credit Union can be your partner on your vehicle buying journey. As a member, we want you to come out ahead. Visit our Vehicle Pre-Approval page to help figure out where to go next.